In 2021, Elon Musk announced that Tesla would stop accepting Bitcoin payments due to concerns about the environmental impact of Bitcoin mining. However, he also said that Tesla would resume accepting Bitcoin payments once mining becomes approximately 50% sustainable.
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
Bitcoin Mining Sustainability Usage Surpasses 50%
A recent report by Bloomberg has verified that the current sustainable usage of Bitcoin mining surpasses 50%. This means that Bitcoin mining is now powered by more than 50% renewable energy sources.
This is a significant development, and it opens up the possibility of Tesla resuming Bitcoin payments. If Tesla does resume Bitcoin payments, it would be a major boost for the cryptocurrency industry.
Why Tesla Might Resume Bitcoin Payments
There are a few reasons why Tesla might resume Bitcoin payments. First, it would allow Tesla to accept payments from a wider range of customers. Second, it would allow Tesla to hedge against inflation. Third, it would be a way for Tesla to show its support for Bitcoin and the cryptocurrency industry.
However, there are also some challenges that Tesla would need to overcome before it could resume Bitcoin payments. First, Tesla would need to ensure that its customers are comfortable using Bitcoin.
Final Thoughts
Overall, the possibility of Tesla recommence Bitcoin payments is a positive development for the cryptocurrency industry and Bitcoin investors. It would be a major boost for the Bitcoin ecosystem, help to legitimize Bitcoin as a payment method, and could lead to a significant increase in the demand for and price of Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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