Elon Musk Gives a Possibility of Accepting Bitcoins for Tesla

As per the trusted sources, the CEO of Tesla, Elon Musk, stated on Sunday that the company would begin to accept the transitions of Bitcoin after there is a confirmation that there is a reasonable use of clean energy by the miners.Musk stated that when there is a valid confirmation close to 50% of clean energy usage by the miners, with an optimistic trend estimate for the future, Tesla is likely to initiate bitcoin transactions in Tesla.

Elon Musk was reacting to the comments made by the CEO of South African asset manager Sygnia, Magda Wiezycka, who stated that the tweets made by Elon Musk on bitcoin prices are a manipulation of the market, and the US Securities and Exchange Commission should have started an investigation on it.Tesla, in an SEC filing, stated that it had purchased bitcoin worth USD 1.5 billion in the month of February 2021 and stated that it would accept bitcoin as a method of payment for its products.

However, the company stopped the purchase of cars using bitcoin in the month of May, stating its concerns regarding cryptocurrency mining, which requires banks of powerful computers, which eventually leads to climate change.

In the month of May, Musk stated that Tesla is concerned about the rising usage of fossil fuels for the mining of bitcoins and its transactions, especially coal, which impacts in the worst way than any other fuel. After the comment of Must, there was a rise in the prices of bitcoin, by around 8%.