Bitcoin crosses $30,000 after Musk comment

by Jonathan Adams
musk

That move came less than two months after the company began accepting the digital currency as a mode of payment for buying its electric cars

Bitcoin has surpassed the $30,000 mark after Elon Musk said Tesla is “most likely” to start accepting it as a mode of payment again.

In May, the electric carmaker said that it would no longer accept the cryptocurrency for purchases, citing concerns over the environmental impact of Bitcoin mining which uses huge amounts of electricity.

That move came less than two months after the company began accepting the world’s biggest digital currency as a mode of payment for buying its electric cars.

Most likely the answer is that Tesla would resume accepting Bitcoin, Mr Musk said during the B Word cryptocurrency conference.

He also said that he had been investigating fossil fuel usage in Bitcoin mining: 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.

Earlier this year, some Tesla investors and environmentalists attacked Tesla’s decision to start accepting Bitcoin as payment.

The dispute highlighted the issue of using an energy-intensive cryptocurrency to purchase environmentally-friendly electric vehicles.

Mr Musk was also criticised for using his position as one of the world’s richest people to back cryptocurrencies.

During his appearance at the B Word conference Mr Musk said that, along with the Bitcoin owned by Tesla and his rocket company SpaceX, he personally held Bitcoin and the cryptocurrencies Ethereum and Dogecoin.

He also addressed claims that he had helped to artificially increase the price of cryptocurrencies before selling them: 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.

After his comments, Bitcoin rose 6% to $31,952, and Ethereum rose 10.6% to $1,979, according to data from the Coindesk website.



Important
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more