Elon Musk, Tesla CEO, stated that the company would soon accept Bitcoin payments again. Musk made these comments at the B-Word conference, which was hosted by the crypto council.
This is a vote for confidence in the Bitcoin community. In February, the auto giant announced that it would accept Bitcoin payments for Tesla car purchases. It dropped the idea in May due to “rapidly increasing fossil fuels used for bitcoin mining”.
There have been many initiatives to move towards greener energy Bitcoin mining solutions. The Bitcoin Mining Council was formed by top North American miners.
China declared war on Bitcoin miners in the same month and asked everyone to close down their operations. A massive shift in miners from China has occurred to North America, which caters to renewable energy sources and cheap energy.
Musk stated that while renewable energy will eventually be the most affordable in the long term, it won’t happen overnight. Tesla supports renewable energy as long as the mining community makes a conscious, determined effort to make that happen.
Although Tesla’s chief has been critical recently of Bitcoin, he also made positive comments at the event. He also addressed some of his allegations regarding involvement in pump-and-dump schemes.
Musk’s comments, as usual, helped move the Bitcoin price. However, this time, it was in a positive upward trend. As of this article, the Bitcoin price had risen by more than 4% and passed its critical resistance of $32,000.
Analysts warn it could be a temporary swing. According to Bloomberg, Steen Jakobsen (chief investment officer at Saxo Bank), said: