- Musk halted Tesla’s months-old crypto foray in mid-May citing environmental concerns. But “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” he said in the tweet.
- It is unclear how Musk will fact-check miners‘ clean energy usage as there is widespread debate over where the industry currently stands. Even so, the comments provide a first benchmark for reinstating bitcoin payments at Tesla.
- Musk's tweet also reiterates his defense of having sold 10% of the electric vehicle maker's bitcoin stash in Q1 and would also seem to indicate the company hasn't sold any of the rest.
- Musk's tweet may have been what propelled the price of bitcoin sharply higher about an hour after the tweet was sent. In recent trading, bitcoin was changing hands at $39,200.21, up 9.66%, and leading other cryptocurrencies higher.
UPDATE (June 14, 03:00): Adds that the price of bitcoin may have been boosted by the news.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.