Elon Musk has declared that Tesla could U-turn on its Bitcoin policy, as long as the cryptocurrency improves upon its woeful environmental impact.
It’s a crazy week in the world of Bitcoin; that is to say, it’s more or less business as usual. Once again, a pronouncement from Elon Musk has reversed the cryptocurrency’s fortunes in an instant.
Having first offered customers the option to buy a Tesla car with Bitcoin and then swiftly backtracking on this proposal after carbon concerns were made apparent, Elon Musk has once again raised the possibility of buying cars with cryptocurrency, as long as Bitcoin uses more sustainable energy.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.— Elon Musk (@elonmusk) June 13, 2021
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
In a Tweet – how else? – Tesla’s eccentric CEO declared that “When there’s confirmation (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Seeing as Bitcoin mining already uses the equivalent energy consumption of the whole country of Argentina, such a change would significantly ameliorate its environmental impact.
Unsurprisingly, this change in policy boosted Bitcoin’s temperamental value once again, with Reuters reporting that its value had increased by 9% after the impromptu announcement from Musk, hitting a two-week peak.
The billionaire boss has dabbled in a few strange speculative ventures recently, including his championing of the WallStreetBets short squeeze and another cryptocurrency named dogecoin, which is inspired by internet memes of a shiba dog. Each and every one of his comments on these topics has affected exchange values and share prices, proving the mogul’s influence even outside his immediate domain of automobiles and aerospace.
0 to 60mph in under 2 secs. Quickest production car ever made of any kind. Has to be felt to be believed.— Elon Musk (@elonmusk) June 6, 2021
However, Musk does of course continue in his leadership roles at both Tesla and SpaceX. Last week he even boasted that the Tesla Model S Plaid had the greatest 0-60mph acceleration of any production car ever released, which constitutes an impressive victory for the all-electric speedster. But if you want to buy one after release, chances are that you’ll have to do so with cold, hard fiat currency.