The tech mogul Elon Musk said his company Tesla will “most likely” restart accepting bitcoin as payment. He explains in a conference on Wednesday that they would have to perform tests to see the amount of renewable energy used to mine the currency. It was back in May when Tesla announced it would stop accepting bitcoin as a method to purchase a car. And was only 2 months prior to May when the company started accepting it.
When Elon Musk allowed bitcoin to be used in Tesla, it generated a significant jump in price for the currency. This is because of his reputation as an environmentalist, his popularity, stature, and being one of the richest people to support cryptocurrencies. Some Tesla investors are skeptical about the vast amounts of electricity from fossil fuels being used to mine bitcoin.
Some miners are attempting to use renewable energy to lessen the impact on the environment. Tesla wants to do the same thing as they don’t want to be a “company that does that and also not do appropriate diligence on the energy usage of bitcoin.” Musk said. He also said he personally owns bitcoin, ethereum, and dogecoin separate from his companies.
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