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Elon Musk’s Comment Pushes Bitcoin’s Price Above $32,000

After falling below $30,000, Bitcoin has once again bounced back, thanks to Elon Musk’s comment at a virtual Bitcoin event. In his address at  “The ₿ Word” Musk said that he could “most likely” consider accepting bitcoins for Tesla cars. However, he added that he would need to do further investigation into Bitcoin mining processes to make that happen. 

“There appears to be a positive trend in the energy usage of Bitcoin,” expressed Musk. “There’s just no way you could basically double or triple the amount of energy in such a short period of time with renewables […] Tesla’s mission is accelerating sustainable energy. We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”

“It looks like Bitcoin is shifting a lot more towards renewables and a bunch of the heavy duty coal plants that were unequivocally being used have been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin,” he added.

Earlier Musk had announced that Tesla would be accepting bitcoin payments, but he backtracked triggering a massive drop in Bitcoin prices. After China started cracking down on Bitcoin Mining activities, miners are searching for greener alternatives. Reports suggest that Bitcoin mining is now becoming greener as miners are using renewable energy sources.

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