Tesla Is Going to Start Selling Cars For Bitcoins Again – Musk Named the Condition
Tesla CEO Elon Musk said the company will begin accepting Bitcoin payments after confirming that miners are using clean energy.
Sygnia CEO Magda Vezhitskaya recently criticized Elon Musk, saying: “What we saw with Bitcoins is price manipulation by one very powerful and influential person.”
According to Vezhitskaya, Musk deliberately pumped up the price of Bitcoins only to sell “most of his stake at the peak”.
To which Musk replied: “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving the market.” And he added that “when there’s confirmation of reasonable (~50%) clean energy use by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.”
Musk admitted in April that Tesla had sold some of its Bitcoins to prove the asset’s liquidity as an alternative to cash.
And in May, the billionaire announced that the company had added $ 1.5 billion of Bitcoins to its balance sheet and would begin accepting the digital asset as payment for Tesla cars.
But after the hype surrounding the sustainability of Bitcoin mining, Musk tweeted on May 12 that his company would no longer accept payments in BTC.