Tesla Might Start accepting Bitcoin Payments again

How much bitcoin does Tesla have
Source: Clubic.com

According to a recent report, Musk Tesla SEO recently tweeted a racy picture of a couple in bed looking at BTC at 69,000 USD. Additionally, Musk revealed that Tesla owns close to forty three thousand BTC tokens. Projected on the screen next to the Bitcoin’s 69,000, was Ether at $4,200.

Elon Musk, who is the Chief Executive Officer (CEO) of  Tesla Inc, had said that his company might accept Bitcoin again. However, this will happen after the quantity of renewable energy that miners use to generate the currency is regulated.

The price of BTC shot up because of the launching of Proshares’ Bitcoin Strategy ETF.

Tesla’s CEO on the other hand, is famous for his ability to impact Crypto prices with his tweets. Monday for instance, Shiba Inu’s prices were up by fifty percent and was about to take the 11th position as the largest Crypto.

Shiba Inu’s prices fell to the 13th place after Musk revealed that he didn’t own any SHIB tokens. According to recent reports, Elon Musk might be the first human with three hundred billion dollars net worth.

So combine the power of the launching of the first ETF and Musk’s tweets and imagine where the BTC price would be: record highs. Critics believe the price would reach eighty thousand and in the long run record close to 168,000 USD.

Tesla Accepted BTC Payments at the start of the year,

Tesla had accepted the use of BTC as a mode of payment at the start of the year, making the Cryptocurrency’s prices go up. Musk announced through a filing with the Securities Exchange Commission that his company had bought $1.5 billion in BTC. He however cautioned investors of the volatile nature of Crypto.

At the time, Tesla purchased the Crypto to become more flexible and to vary and optimise returns on their money. In addition, the company had put in place some laws that would govern these transactions. Tesla would then become the first key automaker to do so.

The CEO burst the bubble of joy Crypto enthusiasts had as he reversed his announcement. Citing environmental concerns, Elon Musk said his company would no longer accept Bitcoin as a mode of payment.

Bitcoin Mining is not Energy Efficient

The way bitcoin gets mined is not energy-efficient hence becoming a  huge challenge environmentally for Bitcoin currency. The emergence of new cryptocurrencies which are more eco-friendly and differently absorb a fragment of energy.

People who support Bitcoin tend to find renewable energy as a solution since it’s impossible to reduce the amount of energy absorbed. Jack Dorsey who is the Chief Executive Officer of Square said while speaking at a conference that bitcoin could encourage and motivate the use of renewables.

Conservationists say that Bitcoin will do anything for a solution to the global carbon consumption problem. A recent report compiled by the NYDIG, tries to prove that, “Bitcoin’s emissions will only account for 0.9% of global carbon emissions in 2027.”

Written by Nic and Ross, the paper shows how carbon emissions will change with time. The duo concluded that to achieve green Bitcoin, companies should strive to decarbonize Bitcoin Mining.

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