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.”
In a tweet posted by Cointelegraph, Elon Musk was accused of manipulating the price of Bitcoin with his global influence.
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.
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.”
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.
— Elon Musk (@elonmusk) June 13, 2021
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.