All eyes at the Bitcoin conference were on Elon Musk. The 50-year-old entrepreneur was clearly positive about cryptocurrencies. For example, he stated that Tesla would also accept Bitcoin as a means of payment again.
In the crypto world, most people have not been kind to Elon Musk in recent months. Sudden changes of heart and influencing the market with simple tweets made Musk a pretty unpopular figure. At the Bitcoin conference, Musk now provided damage control and showed that he is still convinced of Bitcoin.
Elon Musk: “Tesla will accept Bitcoin again”.
After Tesla accepted Bitcoin as a means of payment in March 2021, the company revised the decision again just two months later. Bitcoin mining, it said, was too power-intensive. It didn’t fit into Tesla’s philosophy – a company trying to become profitable by selling electric cars.
Many in the crypto community couldn’t understand that. That bitcoin mining is energy intensive was nothing new. Had Elon Musk not been looking into bitcoin and the other cryptocurrencies in all the months before? Musk never gave a real answer to this. Instead, there were repeated tweets that showed Musk didn’t seem to think much of Bitcoin anymore.
Musk gave hope by saying that Tesla would accept bitcoin as again if mining was powered by more than 50 percent renewable energy. A recent study showed that the percentage is currently 56 percent. Elon Musk now picked up on this at the Bitcoin Conference, stating that he wants to accept bitcoin as a form of payment again:
“I want to do a little more due diligence to confirm that the percentage of renewable energy [used in Bitcoin mining] is most likely at or above 50%. If that’s the case, Tesla will most likely resume acceptance of Bitcoin.”
Musk comments on own crypto holdings
Musk also gave some insight on his own investments, reiterating that he will not be closing any crypto positions. As such, Musk himself holds some Ethereum (ETH) and Dogecoin (
Musk stated that he and also his two companies Tesla and SpaceX held Bitcoin and also had no plans to sell them. Although he did not give exact sums, it is known that Tesla had invested around $1.5 billion USD in Bitcoin.
Bitcoin price is supportedAfter
and was able to break through the 30,000 USD mark again, the Bitcoin conference also provided a further boost.
Bitcoin is now trading back at USD 32,000, up around 4.5 percentage points from 24 hours ago. Altcoins also regained ground, with the crypto market now having a market cap of around $1.3 billion USD.
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