When Elon Musk stated that Tesla was "likely" to take Bitcoin once more, the price of the cryptocurrency surged by 8%. Concerned about the effects of digital mining on the environment, the businessman declared in May that his electric vehicle company was stopping the usage of Bitcoin to purchase its vehicles. Bitcoin, the biggest of the cryptocurrencies, has seen a huge sell-off since Mr Musk made the announcement, and earlier this week fell below $30,000 for the first time in 2021. The price of Bitcoin was up 8.53 per cent over 12 hours, according to Coindesk on Wednesday afternoon. The technology billionaire was speaking at The ₿ Word conference on Wednesday, alongside Twitter CEO and prominent crypto advocate Jack Dorsey.

Many of the heavy-duty coal facilities that were in use have been shut down, particularly in China, and it appears that Bitcoin is moving much more toward renewable energy," Mr. Musk added. "I want to do a bit more research to make sure that there is a trend toward raising the percentage of renewable energy usage, which is probably at or over 50%. In that case, Tesla will probably start taking bitcoin again. himself also mentioned that both his well-known businesses and himself had kept Bitcoin when its value plummeted. "I own Bitcoin, SpaceX, and Tesla," he declared.

Both SpaceX and we are not selling any Bitcoin, nor am I personally selling anything. In February, Tesla said that it had invested $1.5 billion in Bitcoin, which it had later sold off for a profit of $101 million in the first quarter of 2021. In March, the company began accepting Bitcoin for its cars, but 49 days later, it changed its mind. Mr. Musk went on, "I may pump, but I don't dump." "I absolutely do not think that selling for a high price or anything like is a good idea. I want Bitcoin to be successful.