Bitcoin’s price rose eight percent when Elon Musk said Tesla would “likely” accept the cryptocurrency again.
The entrepreneur announced in May that his electric vehicle company is suspending the use of Bitcoin to purchase its cars amid concerns about the environmental impact of digital mining.
Bitcoin, the largest of the cryptocurrencies, has seen a huge sell-off since Mr Musk’s announcement, falling below $ 30,000 for the first time in 2021 earlier this week.
The price of Bitcoin rose 8.53 percent in 12 hours on Wednesday afternoon, according to Coindesk.
The tech billionaire spoke at The ₿ Word conference on Wednesday with Twitter CEO and prominent crypto advocate Jack Dorsey.
“It looks like Bitcoin is shifting a lot more towards renewable energy and a number of the high-performance coal-fired power plants in use … have been closed, especially in China,” Musk said.
“I would like to take a little more care to confirm that the share of renewable energies is most likely at or above 50 percent and that this trend is increasing. If so, Tesla will most likely accept Bitcoin again. “
And he added that he, personally and his two high-profile companies, held onto Bitcoin when the price fell.
“SpaceX, Tesla and I own Bitcoin,” he said.
“We don’t sell Bitcoin, nor do I personally sell anything, or SpaceX sells Bitcoin.”
Tesla announced in February that it had invested $ 1.5 billion in Bitcoin and sold it in the first quarter of 2021 for a profit of $ 101 million.
The company started using Bitcoin on its vehicles in March before reversing course 49 days later.
“I could pump but I cant,” added Mr. Musk.
“I definitely don’t believe in driving up the price and selling or anything like that. I want to see Bitcoin successful. “