Elon Musk Reveals When Tesla Will Start Accepting Bitcoin, Confirms Tesla Sold 10% of Its BTC Holdings
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Elon Musk, the CEO of the electric car manufacturing company, Tesla, has stated that the firm will resume Bitcoin payments as soon as the flagship cryptocurrency attains 50% threshold in terms of clean energy usage.

Musk made this revelation in response to a Cointelegraph article titled “Sygnia CEO criticizes for alleged Bitcoin pump and dump.”

Read Also: Elon Musk Says Dogecoin (DOGE) Is His Private Stimulus Package for the People as SNL Debut Approaches

In a tweet posted by Cointelegraph, Elon Musk was accused of manipulating the price of Bitcoin with his global influence.

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Cointelegraph tweeted, “Did you see? Elon Musk is catching flak again, but what’s it for this time? Sygnia CEO Magda Wierzycka lambasted him saying “What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Elon Musk Says the Claim Is Inaccurate

In response to the claim of Bitcoin manipulation, Elon Musk said it’s inaccurate. He said Tesla only sold 10% of its Bitcoin holdings to show that BTC could be simply liquidated with no impact on its price trend.

Read Also: Elon Musk Considers Adding Dogecoin (DOGE) As Tesla Payment Option

He added that Tesla will start accepting Bitcoin when it’s confirmed that the cryptocurrency has attained relatively 50% clean energy usage by miners.

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

Read Also: Elon Musk’s Tesla Suspends Vehicle Purchase with Bitcoin. Is DOGE Replacing BTC?

On 12 May 2021, Tesla suspended Bitcoin payments due to the adverse environmental impact of mining, which initiated the devastating market crash that Bitcoin has been struggling to recover from.

Based on the report of Ark Investments, over 70% of Bitcoin miners are already powered by renewable energy. The Bitcoin community hopes to see a better outcome in the long run.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.