CoinDesk Analysis Team
CoinDesk
The comments provide a first benchmark for reinstating bitcoin payments at Tesla.
Tesla will resume accepting bitcoin (BTC, +11.04%) as payment once the cryptocurrency’s power-hungry miners go halfway green, CEO Elon Musk tweeted Sunday. The news appears to have driven the price of bitcoin and other cryptocurrencies up.
- Musk halted Tesla’s months-old crypto foray in mid-May citing environmental concerns. But “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said in the tweet.
- It is unclear how Musk will fact-check miners‘ clean energy usage as there is widespread debate over where the industry currently stands. Even so, the comments provide a first benchmark for reinstating bitcoin payments at Tesla.
- Musk's tweet also reiterates his defense of having sold 10% of the electric vehicle maker's bitcoin stash in Q1 and would also seem to indicate the company hasn't sold anymore.
- Musk's tweet may have been the propellent to the price of bitcoin which started a sharp upward move about an hour after the tweet was sent. In recent trading, bitcoin was changing hands at $39,200.21, up 9.66%, and leading a sea of green on the price page for other cryptocurrencies.
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