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Elon Musk Reveals When Tesla Will Start Reconigzing Payments In Bitcoin

Elon Musk, Tesla CEO has revealed that his electric automobile company will begin recognizing Bitcoin payments once it is confirmed that crypto miners are using sustainable energy when there is hope that the fear, uncertainty, and doubt encompassing virtual assets go away.

Musk replied to a tweet via Cointelegraph about recently made accusations from Madga Wierzcka, Sygnia CEO, who happened to request the US Securities and Exchange Commission to look into the billionaire’s activities to confirm if he is manipulating the prices of Bitcoin.

According to Wierzycka’s beliefs, Musk deliberately manipulated the price of the cryptocurrency just to sell a large part of his exposure when it peaks. Musk replied on Sunday, calling the allegations inaccurate. He then revealed that Tesla had sold 10 per cent of its Bitcoin assets just to make it clear that Bitcoin could easily be liquidated without having to move the market.

According to Cointelegraph’s report, in April, Musk admitted to the fact that Tesla had sold a certain portion of its Bitcoin possessions to confirm the liquidity of the asset as a possible substitute to cold cash. A month prior, Musk had affirmed that Tesla had added Bitcoin worth $1.5 billion to its ledger, and soon enough, would begin recognizing the digital asset as a payment method for its vehicles.

Tesla’s acceptance of Bitcoin was brief, however, after Musk expressed his concerns over the digital currency’s excess power usage. He then tweeted on the 12th of May that Tesla would not be accepting Bitcoin as payments any longer due to the fossil fuels rapidly running out as a result of crypto mining.

Musk’s tweet happened to coincide with a great number of headlines reporting about Bitcoin’s excessive power usage. And as reported by Cointelegraph, Musk recently had been invited to a meeting regarding Bitcoin miners by Michael Saylor, CEO of MicroStrategy.

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