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Elon Musk lays out when Tesla will begin accepting Bitcoin payments


15 Jun 2021   #Bitcoin

Musk responded to a Cointelegraph tweet about Sygnia CEO Magda Wierzycka calling for the SEC to investigate him over alleged Bitcoin price manipulation. Tesla CEO Elon Musk said his electric-vehicle company will start accepting Bitcoin (BTC) payments once there’s confirmation that miners are utilizing clean energy, offering a glimmer of hope that the FUD surrounding digital assets could soon subside. 

Musk responded to a Cointelegraph tweet about recent accusations from Sygnia CEO Magda Wierzycka, who called on the United States Securities and Exchange Commission to investigate the billionaire for allegedly manipulating Bitcoin’s price.

According to Wierzycka, Musk knowingly pumped the price of Bitcoin only to sell a “big part of his exposure at the peak.” “This is inaccurate,” Musk said in a Sunday response. “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving [the] market.”

As Cointelegraph reported, Musk acknowledged in April that Tesla had sold a portion of its Bitcoin holdings to prove the asset’s liquidity as an alternative to cash. Just one month earlier, the billionaire confirmed that Tesla had added $1.5 billion worth of BTC to its balance sheet and would begin accepting the digital asset as payment for its vehicles. 

However, Tesla’s embrace of Bitcoin-as-a-payment was short-lived after Musk flagged concerns over the cryptocurrency’s energy usage. On May 12, Musk tweeted that his company would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels...”

Musk’s tweet coincided with a slew of negative headlines about Bitcoin’s energy usage, China’s intent to ban Bitcoin mining and an overextended crypto rally that was showing signs of weakness. The news cycle helped trigger one of Bitcoin’s most painful episodes, culminating in a 54% drop between mid-April and mid-May.

On Sunday, Musk laid the groundwork for when Tesla will once again accept Bitcoin payments: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

As Cointelegraph reported, Musk was recently invited to a meeting of Bitcoin miners by MicroStrategy CEO Michael Saylor. The Bitcoin Mining Council, a voluntary, self-regulating industry body, emerged from the meeting with a mandate to exercise more renewable energy options and boost the transparency of cryptocurrency mining.

Despite all the criticism about Bitcoin mining, it’s estimated that a strong majority of miners already use alternative energy sources. Yassine Elmandjra, an analyst with Ark Investments, told CNBC in April that roughly three-quarters of miners use carbon-free sources in their operations.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 57.2% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 68% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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