Elon Musk Suggested Way of Tesla Accepting Bitcoin Again

Elon Musk has sent the price of bitcoin on another wild ride. Bitcoin’s price is soaring after Tesla (TSLA) CEO Musk tweeted on Sunday that the electric car firm would resume accepting the cryptocurrency once at least half of it could be created with renewable energy. Musk tweeted Sunday afternoon, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Musk did not indicate how he expects clean energy usage to be tracked, and his business did not immediately respond to a CNN Business request for comment. However, according to Coinbase, the cryptocurrency’s price had risen to nearly $39,400 by early Monday morning, a 12.5 percent increase from the day before. In late March, Tesla began taking bitcoin payments for its electric vehicles.

However, by May, Elon Musk had announced his company’s intentions to accept cryptocurrencies as payment had been put on hold. After months of being favorable about bitcoin, he cited its high environmental cost as the reason for the change.Since the beginning of the year, Bitcoin has been highly volatile. According to Coinbase, it began at roughly $29,400 in January and peaked at $64,899 in April. Musk’s tweets seemed to have contributed to the stock’s volatility. For example, Tesla’s stock plunged 13% when he said the company would no longer take bitcoin.

Elon Musk stated in a tweet on Sunday that his company had sold around 10% of its bitcoin assets to confirm that BTC can be liquidated quickly without causing a market move. Early Monday, other cryptocurrencies were also rising. According to Coinbase, Ethereum was up more than 7.7% Monday morning, while dogecoin was up approximately 5%.