Bitcoin price jumps again after being at all time low the whole of last week. The value of the cryptocurrency rises after Tesla CEO Elon Musk tweeted on Sunday that his electric car company will accept Bitcoin as payment method in future, but there’s a condition to it. Musk said that Tesla will resume bitcoin transactions when miners use more renewable energy. Also Read - Best 5 apps to buy, sell and trade Bitcoin in India: WazirX, CoinDC, CoinSwitch Kuber, more
In the tweet Musk mentioned, “when there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Also Read - This country becomes world’s first to approve Bitcoin as official currency
Following Musk’s tweet, Bitcoin value jumped 5.1 percent to $37,360.63, which roughly translates to around Rs 27.3 lakhs as of 18:10 GMT (11:40pm IST) on Sunday. At the time of writing the article around 13:16pm on Monday, Bitcoin price in India stands at 28.9 lakhs. Also Read - Bitcoin price falls significantly today, Ether value tumbles too
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
In the same tweet Musk said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving market. “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Musk said in the tweet.
Back in May this year, Musk announced that Tesla will no longer accept Bitcoin for car purchases. He said that the reason behind not accept Bitcoin as payment method is the long-brewing environmental concerns.
Bitcoin value dipped after Musk’s tweet last month. Musk believes that Bitcoin has a promising future, but it cannot be at great cost to the environment.