Bitcoin Spikes After Elon Musks Says Tesla Will Accept Bitcoin If Miners Use 50% Clean Energy

Elon Musk’s latest tweet immediately made the price of Bitcoin rise.

Musk in a recent tweet was quoted saying “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions”

He also mentioned in the tweet that Tesla didn’t sell all of their holdings when the market hit its peak but rather only sold 10% to test whether Bitcoin could be liquidated easily without moving the market.

The tweet was sent in a response to Magda Wierzycka the CEO of  Sygnia, who accused Musk of a pump and dump scheme.

Here’s the tweet from Musk that made the market go green for the day:

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

Tesla will resume accepting bitcoin as payment once the cryptocurrency’s power-hungry miners go halfway green, CEO Elon Musk tweeted Sunday.@realDannyNelson https://t.co/iKxXJKAQOH

— CoinDesk (@CoinDesk) June 13, 2021

Decrypt had more to details to add:

Bitcoin is on the move again, thanks to an Elon Musk tweet.

The Tesla CEO and Dogecoin lover said in a tweet on Sunday that Tesla “will resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Bitcoin popped nearly 1% after the tweet to $37,650.

The tweet was a response to a CoinTelegraph story about Magda Wierzycka, CEO of fintech company Sygnia, accusing Musk of a Bitcoin pump and dump scheme after Tesla bought $1.5 billion in BTC and then, in Wierzycka’s summation, “sold a big part of his exposure at the peak.”

Musk dismissed Wierzycka’s criticism as “inaccurate,” adding that Tesla “only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.” (Musk did say in April that Tesla “sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

*ELON MUSK SAYS TESLA WILL RESUME BITCOIN TRANSACTION WHEN THERE’S CONFIRMATION OF REASONABLE (ABOUT 50%) CLEAN ENERGY USAGE BY MINERS WITH POSITIVE FUTURE TREND – TWEET pic.twitter.com/Xv9YGubJGu

— Investing.com (@Investingcom) June 13, 2021

Coindesk got the scoop too:

Musk halted Tesla’s months-old crypto foray in mid-May citing environmental concerns. But “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said in the tweet.

It is unclear how Musk will fact-check miners‘ clean energy usage as there is widespread debate over where the industry currently stands. Even so, the comments provide a first benchmark for reinstating bitcoin payments at Tesla.

Musk’s tweet also reiterates his defense of having sold 10% of the electric vehicle maker’s bitcoin stash in Q1 and would also seem to indicate the company hasn’t sold anymore.

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