Elon Musk says Tesla most likely to resume accepting Bitcoin post ‘due diligence’ on renewable energy

By: |
July 22, 2021 8:59 PM

Tesla is currently the second-highest public Bitcoin holder with 42,902 BTC worth $1.3 billion following 105,085 BTC held by MicroStrategy worth $3.39 billion.

Bitcoin, Ethereum, Cryptocurrency, cryptocurrency investment, Bitcoin, cryptocurrency, zebpay, Elon Musk, Bitcoin, cryptocurrency, legal tender, El Salvador President, El Salvador's official currency, US currency, bitcoin, cryptocurrency, FEMA47 per cent respondents in the survey cited long-term capital growth prospects of cryptocurrencies and digital assets as the top reason for putting money into digital assets.

Around two months after Tesla’s Elon Musk said the company would stop accepting Bitcoin from customers for its electric cars amid concerns over the environmental impact of the virtual currency, the electric vehicle company is most likely to resume that. Speaking at the Bitcoin-focused conference B Word on Wednesday, Musk said he would confirm with a little more due diligence around the share of renewable energy usage that is involved in mining Bitcoins. “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” Reuters reported quoting Musk. Musk added, “Most likely the answer is that Tesla would resume accepting bitcoin.” 

In February this year, Tesla had disclosed a $1.5 billion worth purchase of Bitcoin and said that the company would soon start accepting Bitcoin from buyers of its cars as payment. On March 24, the following month, Musk tweeted, “You can now buy a Tesla with Bitcoin.” However, in case the customers seek to return the vehicle and get a refund, the company can pay back either in US dollars or Bitcoin, according to the company’s refund policy.

Also read: UN says cryptocurrencies can help fight climate crisis despite global environmental concerns

In May, Musk had clarified that Tesla has not sold any Bitcoin, a day after he implied in a tweet that Tesla had sold the rest of its Bitcoin holdings. In the following month, Musk had tweeted that Tesla will resume accepting Bitcoins “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” 

Tesla currently has the second-highest Bitcoin holding with 42,902 BTC worth $1.3 billion following 105,085 BTC held by MicroStrategy worth $3.39 billion. Other leading public holders of Bitcoin are Galaxy Digital Holdings (16,400 BTC worth $529.4 million), Voyager Digital (12,260 BTC worth $395.7 million), and Square (8,027 BTC worth $259.1 billion), as per data from BuyBitcoinWorldwide.com.

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