Will Tesla Accept Bitcoin As A Payment Method Again? Everything We Know So Far.
At the recent B Word cryptocurrency conference, Musk said that Tesla is likely to resume accepting Bitcoin.
In March 2021, Tesla CEO Elon Musk announced on Twitter that the auto maker will accept Bitcoin, the largest and most popular cryptocurrency, as a payment method for purchasing electric cars. At that time, Bitcoin payments were only available in the United States; however, Elon Musk announced that Tesla is working to expand payment methods to other countries. Less than two months after the announcement, Musk posted a tweet in May stating that Tesla will no longer accept Bitcoin as a payment method. Musk listed climate change as the main reason why the company decided to stop accepting cryptocurrencies.
Due to excessive energy and electricity consumption, environmentalists believe that Bitcoin mining is harmful.Whether the electricity comes from renewable energy or fossil fuels has always been questionable. These concerns led Musk to officially announce Tesla’s withdrawal from accepting Bitcoin.
However, during the recent B Word cryptocurrency conference, Musk said that Tesla is likely to resume accepting Bitcoin. In June, he confirmed through a tweet that if Bitcoin mining is more environmentally friendly, Tesla will again start accepting cryptocurrencies as payment. “When the miners use clean energy reasonably (about50%) and the future trend is good, Tesla will resume bitcoin transactions,” Musk wrote on Twitter.
Bitcoin is a decentralized currency model that is not authorized by any government or banking institution. It runs on a blockchain network, which stores information related to all transactions made using cryptocurrency in a public ledger. In order to allow new bitcoins to circulate in the system, a process called mining is used. People who add new bitcoins to the public ledger of the blockchain are called miners.
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