Bitcoin price LIVE: Musk sparks frenzy as he says Tesla ‘likely’ to accept cryptocurrency

Bitcoin price LIVE: Musk sparks frenzy as he says Tesla ‘likely’ to accept cryptocurrency

The value of Bitcoin jumped eight percent to $32,160.16, having fallen below the $30,000 mark for the first time in a month on Thursday. Ethereum soared 11.6 percent to $1,993.36. Elon Musk announced the huge news at the B-Word conference on Wednesday in what will be a huge boost for Bitcoin and cryptocurrency markets, which have been floundering badly recently. In May, he had dealt a major blow to the market after revealing Tesla would stop accepting Bitcoin for purchases of its electric cars – less than two months after the firm started accepting the world’s biggest digital currency for payment.

Now the tech billionaire has made a major U-turn on the matter.

He told the conference: “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin.

“Most likely the answer is that Tesla would resume accepting Bitcoin.”

The decision to accept Bitcoin as a form of payment for its electric vehicles had highlighted the division between Mr Musk’s pursuit of being environmentally friendly and the use of his popularity as one of the world’s richest people to back cryptocurrencies.

A number of Tesla investors and environmentalists have continued to express displeasure at the way Bitcoin is “mined” as it is required to use huge amounts of electricity generated with fossil fuels.

But now more digital currency miners are trying to use renewable energy to mitigate the impact on the environment.

Mr Musk added: “Tesla’s mission is accelerating the advent of sustainable energy.

“We can’t be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin.”

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Published at Thu, 22 Jul 2021 07:03:00 +0000