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Elon Musk says Tesla will resume accepting Bitcoin as payment once crypto becomes greener

According to Musk, Tesla will resume taking Bitcoin as payment once miners go 50 percent green.

Elon Musk / Image by : Daniel Oberhaus (2018) / Flickr

Mon, 14 Jun 2021, 07:10 am UTC

Elon Musk surprised the crypto industry last month when Tesla announced that it will no longer accept Bitcoin (BTC) as payment due to environmental concerns. Many believe that Tesla’s move was one of the reasons that led to the massive correction last month.

But there is still a chance for the electric car manufacturer to start accepting Bitcoin as a payment option once more. According to Musk, Tesla will resume taking Bitcoin as payment once miners go 50 percent green, Coindesk reported.

“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Elon Musk tweeted on Sunday. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Musk’s tweet about 10 percent was a response to the allegations made by Sygnia CEO Magda Wierzycka. In a Cointelegraph article, Wierzycka alleged that Musk had manipulated the bitcoin market and that the SEC should investigate him.

“The [Bitcoin] volatility we have seen is an unexpected function of what I would call market manipulation by Elon Musk,” Wierzycka said in an interview with Bruce Whitfield at the Money Show, according to Cointelegraph. “If that happens to a listed company, he would be investigated and severely sanctioned by [the] SEC.”

The South African billionaire believes that Musk knowingly pumped Bitcoin with the tweets such as those that mentioned Tesla’s $1.5 billion BTC purchase before he “sold a big part of his exposure at the peak.” Wierzycka said, “what we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Unsurprisingly, Musk’s latest tweet about the possibility of Tesla reinstating its Bitcoin payment option was a positive catalyst for the crypto market. At the time of writing, BTC traded at $39,574 as is up 11.86 percent for the last 24 hours based on Coindesk data.

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