Elon Musk: Tesla Will Likely Start Accepting Bitcoin Again, Want BTC to Succeed

Elon Musk is once again considering the option to accept Bitcoin payments at Tesla! Speaking at the B-Word conference on Wednesday, July 21, Musk appreciated the positive developments with the Bitcoin mining industry moving towards renewables.

Musk commented, "It looks like bitcoin is shifting a lot more toward renewables, and a bunch of the heavy-duty coal plants that were being used... have been shut down, especially in China." 

Furthermore, he said, "I want to do a little 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 toward increasing that number. If so, Tesla will most likely resume accepting bitcoin." 

During February this year, Tesla added $1.5 billion worth of Bitcoin to its balance sheet. The electric car-maker was quick to accept as a means of payment against Tesla car purchases. Soon after in May, the company discontinued this idea with Musk point out the "rapidly increasing use of fossil fuels for bitcoin mining."

The dynamics of the crypto mining industry have changed for the good with the growing focus towards green energy. Since China has banned all crypto mining activities, a remarkable dynamic shift has been noticed. Crypto miners have moved to western countries, especially the US, due to the availability of low-cost renewable energy.

Speaking on this, the CEO of the automaker said "Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight, but as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that."

Besides, the tech billionaire also disclosed "the three meaningful assets" he owns besides his couple companies are Bitcoin, Dogecoin, and Ethereum.

Off lately, Musk has received a lot of flak for manipulating the crypto market and being involved in punp-and-dump schemes. Clarifying his stand, Musk said he is "a supporter of bitcoin and the idea of cryptocurrency in general."

Musk expressed his opinion that the overall success of crypto is what he ultimately desires. His success is moderately related to the performance of such digital currencies, he added.

He stated, "If the price of bitcoin goes down, I lose money. I might pump, but I don't dump. I do not believe in getting the price high and selling, or anything like this. I would like to see bitcoin succeed."

Musk’s statements have once again brought cheer to the crypto market. Bitcoin is up moving closer to $32,000 while Ethereum (ETH) has moved closer to $2000.