Tesla CEO Elon Musk has become a known personality in the crypto community. He started his crypto journey this year when Tesla announced to invest $1.5 billion in Bitcoin. This new development made Bitcoin the talk of the town, and people started to take an increasing interest in the flagship cryptocurrency. However, Tesla took back its decision to accept Bitcoin as payment due to environmental concerns.
Speaking at a virtual event hosted by Twitter CEO Jack Dorsey, Musk claimed that Tesla is ready to reconsider accepting Bitcoin as payment for their products. However, he conditioned the notion with performing due diligence on Bitcoin mining first. The virtual event called the B-word was talk of the town and attended by the personalities like Steve Lee from Square Inc. and Cathie Wood from Ark Investments.
Elon Musk Thinks that Bitcoin will Shift to Green Energy Resources
Tesla CEO spoke at the virtual event called The B Word recently. He claimed that a dominant ratio of the energy consumption for Bitcoin transferred to renewable energy projects. He also expressed concerns about the slow movement of Bitcoin mining farms from natural resources to green energy supplies. Musk agreed that the renewable transformation for the blockchain project is not easy in a limited amount of time.
The Tesla CEO claimed that the EV manufacturer focuses on encouraging sustainable energy consumptions. Due to this, it is very important to emphasize that Bitcoin becomes at least 50% dependent on clean energy use before restoring altcoin payments for their products. He repeated the claims of Tesla to reinstate Bitcoin payments once the blockchain is dominantly dependent on renewable energy sources.
Elon Musk has had a huge impact on the crypto community. When Tesla decided to stop Bitcoin payments in May and Musk raised concerns about the environmental impact of Bitcoin energy consumption, the prices crashed up to 40%. Many people accused Tesla CEO of pumping and dumping the beacon coin and some other projects. At the virtual event, Elon Musk explained that Tesla holds BTC, DOGE, and ETH.
He further added that despite a new ATH in April, both the EV manufacturer and his Bitcoin stash are intact.
Musk claimed that when Bitcoin falls, it is also a loss for him and his company; therefore, it is only profitable for him to pump the market. According to various media outlets, Tesla has sold a small percentage of its Bitcoin holdings to prove that the network has potent liquidity.