Tesla to Resume Bitcoin Transactions for its Electric Vehicles?

11:55 am, Tue, 15 June 21

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Tesla was one of the first companies to accept Bitcoin as a form of payment, earlier this year. However, the electric vehicle manufacturer soon announced the suspension of the option, which drastically affected the price of the flagship cryptocurrency.

According to a recent tweet posted by Elon Musk, Tesla will once again accept Bitcoin transactions for its vehicles, provided an essential condition is met.

This can once again indicate a significant boost for the price of BTC, which can take the digital asset and the overall market to new heights. It can also be a good opportunity for novice parties to use secure exchanges such as SwissBorg or Kraken and invest in Bitcoin if they haven’t already.

On the other hand, novice parties interested in starting crypto trading can use PrimeXBT Covesting, which is one of the best exchanges for new traders.

Condition for BTC Payments and Other Updates

According to Elon Musk’s tweet, the electric car manufacturer will continue accepting Bitcoin payments from the customers. However, Tesla’s support for the digital asset will occur once it has been verified that BTC is mined by using cleaner and more renewable energy.

Elon Musk’s tweet stated:

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

This is one major concern that was expressed by Musk in May when Tesla suspended the option to accept BTC payments. The price of the flagship cryptocurrency had significantly skyrocketed after Tesla announced the acceptance of Bitcoin as payment for its cars. However, it came down as quickly and greatly when Musk voiced his concerns regarding the impact of BTC mining on the environment and discontinued Bitcoin transactions for Tesla vehicles.

Bitcoin saw a steep price correction after this announcement, plunging it almost 40% from its all-time high. BTC investors and traders also speculated that Tesla had sold its Bitcoin holdings.

However, to the relief of crypto investors and traders, Elon Musk has also confirmed in his recent tweet that Tesla sold only 10% of its BTC to confirm that the crypto asset could be liquidated without affecting the market.  

Shortly after Musk’s tweet (which was a reply to Cointelegraph’s tweet), the price of the flagship cryptocurrency surged nearly 15% and broke through the $40,000 resistance.

Can Bitcoin be Mined in an Eco-friendly Way?

Despite the opinion of crypto enthusiasts, it is evident that Elon Musk has a great influence on Bitcoin and the overall crypto market. After Musk’s concern regarding BTC mining and its effects on the environment, many Bitcoin miners started to explore innovative ways to mine the digital asset without damaging the environment.

One of the best ideas was recently disclosed by El Salvador, where Bitcoin has been adopted as a legal tender. According to reports, El Salvador plans to use the energy from a geothermal pit near a volcano to mine Bitcoin. This method is expected to mine the crypto asset and keep the environment safe.

With more revolutionary ideas emerging for BTC mining, the largest cryptocurrency can skyrocket in the not-so-distant future.

Bitcoin is currently trading at $40,080 (at the time of writing), therefore, if you are looking to invest in it, make sure you use secure exchanges.

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