Elon Musk says the time when Tesla will accept Bitcoin again
In a response to Sygnia CEO Magda Wierzycka’s allegation regarding Bitcoin price manipulation, Elon Musk announced the time when Tesla starts accepting Bitcoin as a payment method.
Sygnia CEO Magda Wierzycka had preciously asked U.S. Securities and Exchange Commission (SEC) to look into Tesla CEO’s statements for BTC Price manipulations. Mr. Musk reacted to this and said that upon confirming the use of clean energy by the miners, Tesla will accept Bitcoin payments.
This is good as hopes of diminishing FUD rise when such promising news is published.
In response to a tweet from Cointelegraph, Elon Musk had been attacked by Sygnia CEO Magda Wierzycka regarding the allegation of BTC price manipulation, Elon Musk counted these remarks as inaccurate and said that the electric car company will accept Bitcoin again once clean energy is used by half of the miners.
While Musk believes that Tesla only sold 10% of its holdings of BTC, Wierzycka claimed that Musk had pumped the price of Bitcoin only to sell a big portion of his holdings at the peak. In April, Musk said that Tesla sold its holding of Bitcoin to show that BTC’s liquidity can serve as an alternative to cash. In March, Tesla had purchased $1.5B BTC and would start accepting BTC as a payment method for its vehicles.
However, on May 12, Tesla’s previous plan for accepting BTC was annulled when Tesla announced that they would no longer accept BTC as payment for its cars on the pretext that Bitcoin is consuming too much fossil fuels.
This tweet along with other negative news for BTC energy usage, China’s idea of banning mining Bitcoin all over its county were among the reasons that were signaling BTC’s fall which saw its worst drop between April and May plummeting by 54%.
Although Elon Musk seems to have manipulated BTC price which might be true or false, this incident led to having a meeting by MicroStrategy CEO Michael Saylor who asked miners of BTC and Musk to attend a meeting the result of which was a Bitcoin Mining Council. This voluntary body was formed in an order to boost cryptocurrency mining transparency and to make use of more renewable energy options. Moreover, after digging deeper, it has become clear that 75% of the miners are already using carbon-free sources of energy says Yassine Elmandjra, an analyst with Ark Investments.
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