Tesla will consider permitting BTC transactions if at least 50% of the energy utilized for Bitcoin mining comes from renewable sources.
Following Tesla’s decision to cease accepting Bitcoin as a payment option for its electric vehicles in May, Elon Musk said that the business would restart Bitcoin transactions, subject to one condition: energy usage.
On the one-month anniversary of Tesla’s decision to stop accepting bitcoin payments, Elon Musk said that the electric vehicle maker would restart taking bitcoin transactions on Sunday. There is, however, one stipulation: at least 50% of the energy utilized for bitcoin mining must come from renewable sources.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,”he tweeted.
The post came in response to Magda Wierzycka, the CEO of Sygnia and one of South Africa’s wealthiest women, who accused Musk of pumping and dumping bitcoin for his gain.
According to Musk, Tesla just sold 10% of its assets, proving that BTC could be liquidated quickly without causing a market reaction.
Furthermore, the billionaire denied claims that he utilizes his social media clout to manipulate the price of Bitcoin.
Whether on intention or not, Musk’s Twitter tweets are more often than not followed by increased volatility.
Following the development above, when Tesla banned BTC payments, the asset instantly dropped by $3,000 and by more than 20% the next day.
When Musk explained that Tesla still has all of its tokens days later, the stock price jumped by $2,500.
Today’s tweet was no exception. The principal cryptocurrency’s price jumped $1,500 in response to the announcement, breaking through the $36k obstacle and heading towards $37.5k.