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Tesla will 'most likely' restart accepting bitcoin as payments, says Musk

  • Tesla will 'most likely' restart accepting bitcoin as payments, says Musk
    Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment. Tesla will 'most likely' restart accepting bitcoin as payments, says Musk
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Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment.

 

Electric-car maker Tesla Inc will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference on Wednesday.

Bitcoin was up 8% at $32,160.16, while ether surged 11.6% to $1,993.36. Tesla’s shares were down 0.8% at $655.30 in extended trading.

Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting bitcoin for car purchases, less than two months after the company began accepting the world’s biggest digital currency for payment.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin” Musk said.

“Most likely the answer is that Tesla would resume accepting bitcoin.”

The use of bitcoin to buy Tesla’s electric vehicles had highlighted a dichotomy between Musk’s reputation as an environmentalist and the use of his popularity and stature as one of the world’s richest people to back cryptocurrencies.

Some Tesla investors, along with environmentalists, have been increasingly critical about the way bitcoin is “mined” using vast amounts of electricity generated with fossil fuels.