Tesla Inc CEO Elon Musk tweeted on Sunday that the EV dialer will resume bitcoin transactions when the miners verifying the transactions use more renewable energy.
“When there is confirmation of reasonable clean energy use (~ 50 percent) by miners with a positive future trend, Tesla will resume Bitcoin transactions,” he said in a tweet.
Bitcoin rose 5.1 percent to $ 37,360.63 at 1810 GMT (2:10 p.m. ET) Sunday, adding $ 1,817.87 to its previous close, after Musk’s tweet.
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Musk also said that Tesla sold about 10 percent of the holdings to confirm that Bitcoin could be easily liquidated without moving the market.
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It announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-standing environmental concerns over a rapid reversal in the company’s position on cryptocurrency. Bitcoin fell more than 10 percent after his tweet.
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The billionaire said he believed that cryptocurrency has a promising future, but that it cannot come at a great cost to the environment.
In February, Tesla revealed that it had bought $ 1.5 billion in bitcoin and would accept it as a form of payment for cars.
(Reporting by Maria Ponnezhath in Bengaluru; Edited by Lisa Shumaker)