Elon Musk, the CEO of Tesla and Space X, has stated that his electric car company will “most likely” resume accepting bitcoin payments after acknowledging that there are positive signs that the flagship cryptocurrency is pivoting towards renewable energy.
Musk made the announcement when he was speaking at the “₿ Word Conference”, along with his peers; Jack Dorsey, the CEO of Twitter and Square and Cathie Wood, the CEO of Ark Invest.
He acknowledges that Bitcoin is going green and soon enough, renewable energy will be cheaper in the future as a result of miners’ continual effort to innovate and create cheaper renewable energy sources. He stated, “Bitcoin does not need to be clean as snow but it just can’t be using the dirtiest coal either.”
Also, on mining, Tesla boss spoke about how ecofriendly it is mining through Hydropower, geothermal and nuclear sources.
Elon also stated he will discuss with his team the possibility of mining bitcoin in space through his Starlink satellites orbiting the earth. As earlier reported by Nairametrics, Elon Musk stated that SpaceX has launched more than 1,500 satellites into orbit.
What you should know
- Jack Dorsey also acknowledged that Bitcoin is encouraging innovation in the energy sector, mentioning a company that converts flared natural gas into electricity to power mining rigs.
- Cathie Wood also affirmed bitcoin’s prospect stating, “I do believe that Bitcoin will be much more environmentally friendly than gold mining or the existing financial sector. In many ways it already is.”
- Bitcoin is trading 31,900, up 1.76% as of the time of writing this report.
In case you missed it
Musk in May, suspended the use of Bitcoin for the purchase of Tesla cars, citing environmental concerns about fossil fuel use in mining. This sent a shockwave to the price of bitcoin forcing the flagship crypto to almost 50% of its value in the same month.
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