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Elon Musk says Bitcoin may have already hit his benchmark on renewable energy

July 21, 2021. Summarized by summa-bot.

Compression ratio: 26.3%. 1 min read.

Speaking alongside Twitter CEO Jack Dorsey and Ark Invest’s Cathie Wood at The ₿ Word, Elon Musk hinted Tesla could resume Bitcoin transactions once there's confirmation the network uses more than 50% renewable energy.

Speaking at The ₿ Word, a virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood and moderator Steve Lee from Square Crypto, Musk said that Tesla would “most likely” consider resuming crypto payments for its vehicles — a policy the CEO said the company would be stopping in May — but said he needed to exercise diligence before making a decision.

“There appears to be a positive trend in the energy usage of Bitcoin,” said Musk, alsexpressing skepticism at the speed at which the network had moved towards green energy sources.

In May, Musk announced that Tesla would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels. ” The price of the crypto asset subsequently fell under $40,000 for the first time since February.

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