“I might pump, but I don’t dump”- Elon Musk

Electric car maker Tesla is likely to restart accepting bitcoin as a payment.

After conducting a proper check of the amount of renewable energy used to extract the currency, CEO Elon Musk told a conference on Wednesday.

Bitcoin rose 8% for the day (3% during the press conference) to $ 32,647.83, while ether jumped 11.6% to $ 1,993.36. Shares of Tesla fell 0.8 percent to $ 655.30.

Musk’s comments at the B Word conference came after Tesla said in May that it would stop accepting bitcoins for car purchases, less than two months after the company began adopting the world’s largest digital currency for payment.

“I wanted a little more due diligence to confirm that the rate of use of renewable energy sources is most likely 50% or more and that there is a tendency to increase this number and if so, Tesla will resume accepting bitcoin Musk said.

“The most likely answer is that Tesla will resume accepting bitcoin.”

The use of bitcoin to buy Tesla’s electric vehicles has highlighted the divide between Musk’s reputation as a conservationist and the use of his popularity and reputation as one of the world’s richest people to support cryptocurrencies.

Some Tesla investors, along with conservationists, are increasingly critical of the way bitcoin is “mined” using huge amounts of electricity generated by fossil fuels.

More and more digital currency miners are trying to use renewable energy to mitigate the environmental impact.

“Tesla’s mission is accelerating the emergence of sustainable energy. We cannot be the company that does this, nor can we take proper care of the use of bitcoin energy,” Musk said.

Musk added that he personally owned bitcoin, ethereum and dogecoin, in addition to the bitcoins that Tesla and SpaceX own.


 Junior Trader Nikolay Yordanov


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