Elon Musk Hints At Bitcoin Renewable Energy Hitting The Benchmark


According to a statement made by the tesla CEO, Bitcoin may have hit 50% in its consumption of renewable energy or beyond the number. Musk believes that the crypto industry is approaching a greener future, which will push it higher. However, he insisted that Tesla won’t accept Bitcoin payment yet.

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While speaking at a virtual BTC event, Muck made this statement tagged “the ₿ Word” with Jack Dorsey, the Twitter CEO, Cathie Wood of Ark Invests, and Square Crypto Steve Lee moderating the event.

According to Musk, Tesla may consider using crypto as payment, but he will carry out due diligence before deciding on it.

Elon Musks Envisage A Greener Crypto Future

Musks stated that Bitcoin seems to be expanding its energy consumption towards renewable energy sources. He, however, noted that the speed at which the sector is shifting to these sources is questionable.

Elon Musk Hints At Bitcoin Renewable Energy Hitting The Benchmark

The daily chart shows BTC trading in an upward direction | Source: BTCUSD on TradingView.com

According to Musk, it is not easy to increase energy within such a short time with these renewable sources. However, Tesla aims at increasing sustainable energy, and because of that, they must do due diligence on Bitcoin’s energy consumption.

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Musk observed that Bitcoin is shifting more to renewables and, as a result, has shut down many of its heavy-duty coal plants in China and other places.

But even at that, he insisted that he appraise this trend to ascertain if the consumption is 50% or more. If he confirms it to be true, Tesla may start accepting Bitcoin payments again.

A Brief On Tesla And Bitcoin Issue

Tesla stopped accepting Bitcoin payments in May due to the supposed overuse of fossil fuel. When the CEO made the announcement, Bitcoin’s price plummeted below $40,000. After a short time, Musk announced that Tesla would resume BTC payments. When miners start using above 50% renewable energy for their operations.

As at that time, many people accused Musk of orchestrating a “pump-and-dump scheme” due to his controversial tweets about BTC and DOGE. During the virtual event, Tesla stated that the three crypto-assets they own are BTC, ETH, and DOGE.

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Other assets are Tesla Stocks and SpaceX stocks, and even after the announcement, he and Tesla haven’t sold Bitcoin in their portfolio.

Furthermore, he stated that whenever bitcoin falls, he is part of those who lose money too. So, he may pump, but he didn’t dump and wasn’t after increasing the price to sell off his holdings.

Before now, a news report has it that Tesla sold some of its Bitcoin to prove that the crypto is highly liquid.

Featured image from Pixabay, and chart from TradingView.com

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