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Bitcoin nears $32,000 as Musk says Tesla will ‘likely’ accept it again

Speaking remotely on the B Word Conference in the present day, Tesla CEO Elon Musk mentioned the electrical automotive firm is ‘likely’ to renew accepting fee for its automobiles within the cryptocurrency, after pausing the choice in May.

“I wanted a little bit 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 towards increasing that number, and if so Tesla would resume accepting Bitcoin,” mentioned Musk, echoing an announcement he’d tweeted in June.

The BBC famous this caused the price of Bitcoin to surge past the $30,000 mark. At the time of writing, the cryptocurrency is valued at $31,899.

For these holding rating at residence, right here’s a short timeline of occasions:

Tesla had began accepting payments in Bitcoin for its cars in March, a transfer that triggered cryptocurrency‘s price to surge that day from just over US$39,000 to US$46,000 that day. The EV maker then paused Bitcoin payments in May, with Musk citing concerns about the “rapidly increasing use of fossil fuels” used in mining the cryptocurrency.

On June 13, Musk said the company would bring back the option to buy Tesla cars with Bitcoin when clean energy usage by cryptocurrency miners approached 50%.

The oft-outspoken CEO didn’t specify any type of timeframe for this. However, he did reveal that he owned Bitcoin, Ethereum, and Dogecoin, and that he’s certainly a cryptocurrency optimist. “I might pump, but I don’t dump… I definitely do not believe in getting the price high and selling… I would like to see Bitcoin succeed,” he mentioned.

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