Elon Musk is planning to reconsider BTC payments at Tesla once miners confirm the cryptocurrency’s clean energy consumption has reached a reasonable level. The CEO of Tesla Inc underlined a threshold of 50% renewable energy usage to resume Bitcoin transactions at the company.
Musk disclosed Tesla’s plans to resume BTC transactions while reacting to accusations leveled by Magda Wierzycka, CEO of cyber technology firm Sygnia. Wierzycka had suggested during an interview that Musk manipulates the crypto market for his own interests and his tweets should have triggered an investigation by the Securities and Exchange Commission(SEC).
Describing Wierzycka’s comments as "inaccurate", Musk denied tampering with the flagship cryptocurrency’s market value.
In January, Tesla revealed in an SEC filing that it had purchased $1.5 billion worth of bitcoins and was planning to use the currency to accept payments for its products. The company also clarified that it would store the BTC earned from transactions in its reserve, rather than converting it to a fiat currency.
During the first quarter, Tesla reportedly sold $272 million worth of its digital assets. According to the company’s earning’s statement, the sale helped Tesla reduce its operational losses by $101 million.
Musk’s social media interactions are well-known to move Bitcoin prices in either direction. However, his latest comments have made little change to the prices of primary cryptocurrency.