Tesla Is Likely To Resume Accepting Bitcoin, According To Elon Musk

Elon Musk, the CEO of Tesla, has stated that the electric automaker will most certainly restart accepting bitcoin as a form of payment for its cars. Tesla began accepting bitcoin in March, less than a month after announcing that it had acquired $1.5 billion in the cryptocurrency. However, it stopped accepting it in May when Musk expressed concerns about crypto mining's ecological impact.

While addressing at the B Word conference this week, Musk revealed that, after more analysis, Tesla will most likely resume accepting bitcoin, according to Reuters.

“I wanted to do a little more due diligence to check that the amount of renewable power usage is most probably at or above 50% and that there is a tendency toward increasing that figure, and if that is the case, Tesla would resume accepting bitcoin,” Musk stated. “It's most likely that Tesla will resume taking bitcoin. Tesla's goal is to hasten the arrival of renewable energy. We can't be the organization that does that while simultaneously failing to conduct proper due diligence on bitcoin's energy usage,” he continued.

Musk disclosed his assets in bitcoin, ethereum, and dogecoin during the event, and claimed that he pushes the prices of the cryptocurrencies but does not sell them. "I don't believe in setting a high price and then selling. Bitcoin is something I'd like to see succeed.”