Following a reversal of Tesla's decision to stop accepting Bitcoin as a payment method for its electric vehicles in May, Elon Musk announced that the business would restart accepting Bitcoin transactions, with one exception based on power consumption.
- On the one-month anniversary of Tesla's statement that bitcoin funds will be suspended, Elon Musk announced on Sunday that the electric vehicle manufacturer will restart allowing BTC transactions. However, there is one condition: at least 50% of the power used for bitcoin mining must come from clean sources.
“Tesla will resume permitting Bitcoin transactions when there is confirmation of reasonable (50 percent ) clean energy usage by miners with a positive future trend,” he tweeted.
The post came in response to Magda Wierzycka, the CEO of Sygnia and one of South Africa's wealthiest women, who accused Musk of pumping and dumping bitcoin for personal gain.- Tesla only offered 10% of its assets to prove that BTC “could be liquidated quickly without influencing the market,” according to Musk.
- Furthermore, the billionaire denied charges that he uses his social media influence to manipulate the value of Bitcoin. Regardless of whether he does it on purpose or not, Musk's Twitter posts are usually accompanied by increased volatility.
- Following the aforementioned improvement, during which Tesla banned BTC funds, the asset dropped $3,000 in one day and more than 20% the next.
Musk, on the other hand, revealed that Tesla still has all of its funds days later, causing a $2,500 price increase.
- The tweet from today was no exception. The value of the first cryptocurrency increased by $1,500 almost instantaneously in response to the news, breaking above the $36k resistance and heading toward $37.5k.
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