Elon Musk reopens the door to bitcoin at Tesla, but it does change in some respects
The relationship between Elon Musk and bitcoin continues and the CEO of Tesla has once again caused changes in the cryptocurrency with his latest statements.
Elon Musk does not seem willing to put aside his comments on bitcoin no matter how much he is threatened by Anonymous or knows the consequences of his words. Despite the well-known interest in these businesses, its relationship with cryptocurrencies gained more strength when he announced that Tesla vehicles could be bought with bitcoins.
After a short period of time, Musk changed his mind and stated that they would not work with this cryptocurrency. The alleged motive was not credible when talking about the impact that bitcoin mining has on the environment, something that was already known to everyone for a long time. This situation and others that coincided in time caused a widespread drop in the value of cryptocurrencies, but it was not the end of the mess.
Also, it cannot be forgotten that Tesla invested $ 1.5 million in bitcoins. As reported in Mashable, the company only sold 10% of what it bought, and after Musk’s latest statements, important changes are seen again.
Aware of the consequences of his words, Musk has once again tweeted about bitcoin and opens the door for Tesla to work with bitcoins in the future again, provided that at least 50% clean energy is used in your mining.
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
How could it be otherwise, his words have generated a good number of reactions, but above all the focus is on how complicated it is due to the vast consumption that bitcoin requires despite having a much lower use what is expected to be made from cryptocurrencies in the future.
We will see if bitcoin changes in any way towards approaches where sustainability is key, although for that it is needed a turn of great proportions in different aspects, starting with greater control about its mining.
In any case, the tweet has had an impact on bitcoin and in a few hours it has been possible to see an increase of 12% in its value. Another example of the enormous volatility that this cryptocurrency suffers.