Elon Musk has claimed that Bitcoin transactions may resume at Tesla if the leading cryptocurrency is already using 50 percent clean energy on its mining procedures. This is after he defended his and Tesla's name from "inaccurate" claims against them, particularly with selling only 10 percent of the company assets that were invested in Bitcoin last January.
Elon Musk: Tesla Bitcoin Transactions
GRUENHEIDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk talks to one visitor as he arrives to to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday.
According to the recent tweet by CEO Elon Musk (@elonmusk), he responded to an article that was posted on social media about him. This talked about Sygnia CEO Magda Wierzycka calling out Musk, saying that he has manipulated the price of Bitcoin in the market using his tweets and influences. Wierzycka also added that Musk would have been the subject of SEC's investigations if Bitcoin is a "traditional company."
However, Musk defended himself and Tesla, saying that there were a lot of inaccurate details on the said article against him, especially with the Bitcoin holdings that the company has already sold.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
— Elon Musk (@elonmusk) June 13, 2021
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
The Tesla CEO said that they only sold 10 percent of their holdings in the market when they initially criticized $BTC for its coal use for mining. Moreover, Musk added that Tesla would accept Bitcoin transactions soon enough, especially if the leading cryptocurrency would change its ways and adopt at least 50 percent clean energy in their mining procedures. This means that Musk has confirmed that it would re-welcome Bitcoin back in Tesla's good graces, once it opts for a more ideal source of energy.
Are Elon Musk, Tesla Stalling?
Recently, Musk has been active on Twitter with regards to Bitcoin's mentions and references, particularly with memes and emojis that have gravely affected the performance of the cryptocurrency in the market. And to add more salt to the wound, Musk has even changed his Twitter profile photo to an Anime Bitcoin mascot woman's eyes to a "triggered" meme edit.
Several users have responded to Musk's tweets above, saying that Bitcoin has already moved into using clean energy, with the leading cryptocurrency already at 70 percent into its usage for mining. What this may mean is that Musk and Tesla have been stalling in terms of Bitcoin transactions, however, there is no proof that $BTC is already at that rate.
#bitcoin is already +70% clean energy. Keep up lad.
— Peter McCormack 🏴☠️ (@PeterMcCormack) June 13, 2021
It's easy to dump #Bitcoin when you're pumping up the price and suckering in buyers with market manipulating Tweets. Bitcoin transactions were just a gimmick anyway to create the false impression that Bitcoin can function as either a viable medium of exchange or unit of account.
— Peter Schiff (@PeterSchiff) June 13, 2021
The Tesla CEO has gathered a lot of hate and criticisms over his recent tweets about Bitcoin, more particularly on this last one where he promises to allow the cryptocurrency back.
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Written by Isaiah Richard
