Elon Musk says Bitcoin could have already hit his benchmark on renewable power

Tesla CEO Elon Musk has hinted the crypto business is on its method in direction of a greener future, however the automotive producer gained’t be accepting Bitcoin funds simply but.

Talking at The ₿ Phrase, a digital Bitcoin (BTC) occasion with Twitter CEO Jack Dorsey, Ark Make investments’s Cathie Wooden and moderator Steve Lee from Sq. Crypto, Musk said that Tesla would “most certainly” contemplate resuming crypto funds for its autos — a coverage the CEO said the corporate could be stopping in Might — however mentioned he wanted to train diligence earlier than making a call.

“There seems to be a constructive development within the power utilization of Bitcoin,” mentioned Musk, alsexpressing skepticism on the pace at which the community had moved in direction of inexperienced power sources. “There’s simply no method you possibly can mainly double or triple the quantity of power in such a brief time frame with renewables […] Tesla’s mission is accelerating sustainable power. We are able to’t be the corporate that does that and never do acceptable diligence on the power utilization of Bitcoin.”

He added:

“It seems to be like Bitcoin is shifting much more in direction of renewables and a bunch of the heavy responsibility coal crops that have been unequivocally getting used have been shut down, particularly in China. I wish to do some extra diligence to verify that the proportion of renewable power utilization is most certainly at or above 50% and that there’s a development in direction of rising that quantity. In that case, Tesla will resume accepting Bitcoin.”

Associated: Elon Musk agrees to speak with Twitter CEO Jack Dorsey at Bitcoin event

Screenshot from The ₿ Word

In Might, Musk introduced that Tesla would not settle for Bitcoin funds because of the community’s “more and more speedy use of fossil fuels.” The value of the crypto asset subsequently fell beneath $40,000 for the primary time since February. The Tesla CEO later clarified that the company would resume BTC transactions when there was affirmation miners have been utilizing greater than 50% clear power “with constructive future development.”

Musk additionally addressed among the allegations from professionals that he had orchestrated a pump-and-dump scheme given his social media posts on cryptocurrencies together with BTC and Dogecoin (DOGE). He mentioned the one three belongings “of any significance” that he owned exterior of SpaceX and Tesla inventory have been BTC, DOGE, and Ether (ETH), and that neither he nor Tesla had offered any Bitcoin for the reason that announcement stopping crypto funds.

“If the value of Bitcoin goes down, I lose cash,” mentioned Musk:

“I would pump, however I don’t dump. I undoubtedly don’t consider in getting the value excessive and promoting it or something like that.”

Associated: No, Musk, don’t blame Bitcoin for dirty energy — The problem lies deeper

As Cointelegraph reported, Musk mentioned in April that Tesla had sold a portion of its Bitcoin holdings — with internet proceeds of roughly $272 million on the time — to show the asset’s liquidity as an alternative choice to money. He has not revealed how a lot of the crypto asset he personally owns, however mentioned even his one-year-old son owns some Dogecoin.