Elon says that Tesla will allow Bitcoin payments again when it is 50% Eco-Friendly.
Tesla will accept Bitcoin transactions once its mining energy consumption is around 50%. The Tesla CEO mentioned it in his tweet.
He clarifies that Tesla only sold 10% of the company’s holdings to check if it didn’t “move market.” He also denies accusations of market manipulation.
Does Elon Manipulate the Crypto Market?
Musk has been in a lot of controversy in the past few weeks for changing positions on Bitcoin many times. The crypto community has been seeing this move as a “pump and dump” strategy.
The CEO of financial services company Sygnia, Magda Wierzycka, has accused Musk of manipulating the market by participating in different social media channels to make the price fluctuate for his own benefit.
Environmental Debate on Bitcoin
Over a month ago, Musk announced that Tesla will no longer accept Bitcoin transactions because of environmental concerns. This has sparked a heated thread where crypto enthusiasts like Michael Saylor and Anthony Pompliano opposed his position.
While Bitcoin consumes a lot of energy, countries like Iceland and Norway use otherwise wasted geothermal and hydroelectric energy to power their mining rigs. The latest country to join in the Bitcoin mining quest is El Salvador. The country plans to harness its wasted geothermal energy to mine BTC in what its president says is a 100% clean matter.
The primary energy that comes from renewables worldwide is low when it is compared to Bitcoin, which is 39-73%.
Furthermore, Michael Saylor hosted a meeting with Musk and North America’s leading BTC miners with the aim of discussing different ways to promote Bitcoin sustainability and energy transparency. This leads to the creation of the Bitcoin Mining Council.
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