Tesla CEO Elon Musk announced that the automaker would resume accepting bitcoin as a payment method for its electric vehicles.
Earlier, Tesla revealed that the company would accept payments in the first cryptocurrency in exchange for its products. However, just a few weeks later, Elon Musk suspended vehicle purchases using bitcoin, citing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. Now he is ready to revert to the use of the digital coin as a means of payment.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” Musk said.
Notably, in May, the price of the digital currency collapsed after the founder and head of Tesla said the company planned to hold rather than sell the existing bitcoins and intended to use them for transactions "as soon as mining transitions to more sustainable energy". Wall Street analysts have warned that Musk's latest moves are sowing confusion among crypto investors, thus making Tesla stock more volatile.
