Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Elon Musk – Bitcoin May Have Reached Crucial Milestone on Renewable Energy

Elon Musk – Bitcoin May Have Reached Crucial Milestone on Renewable Energy

Kelly Cromley by Kelly Cromley
Jul 22, 2021
in Bitcoin News, Market News, News
Reading Time: 2 mins read
0

Elon Musk, the CEO of Tesla, has suggested that the crypto sector is heading toward a greener ecosystem, but Tesla will not take Bitcoin payments for the time being. Musk said during “The Word,” an online Bitcoin (BTC) conference with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood, and panelist Steve Lee from Square Crypto, that Tesla would “most probably” look at the option of accepting crypto payments for its automobiles — a policy the CEO ended in May — but that he deemed necessary to do his homework first.

“There looks to be a positive development with respect to Bitcoin’s power consumption,” Musk remarked, while also voicing doubt about the network’s rapid transition to renewable energy sources. “With renewables, there’s really no way to effectively double or treble the quantity of electricity in a very short span of time […]. Tesla’s aim is to accelerate the development of renewable energy. We do not wish to fall in the category of accepting claims without doing proper research on Bitcoin’s power consumption.”

RelatedPosts

Antix Blends AI and Blockchain to Redefine Digital Identity

Meta Earth Unveils Blockchain-Based Universal Basic Income

Maybank Trustees and CoKeeps to Drive Blockchain in Asset Management

SFT and Atleta Join Forces to Advance Sports Web3

“It appears that Bitcoin is turning a lot further towards renewable energy sources, and a considerable portion of the large coal-based power producing facilities that were indisputably being utilized, particularly in China, have been closed down,” he continued. I’d want to perform some further research to validate that the proportion of renewable power consumption is most probably at or over 50%, and that there is a tendency toward boosting that proportion. If that is the case, Tesla will reintroduce Bitcoin as a payment option.”

Due to the network’s “increasingly fast usage of non-renewable fossil fuels,” Musk stated in May that Tesla will no longer take Bitcoin payments. The crypto asset’s value then dropped below $40,000 for the foremost time since February. Tesla CEO Elon Musk subsequently stated that the business will reinstate BTC payments if miners were confirmed to be utilizing over 50% renewable energy “with a favorable future trend.” Musk also refuted accusations that he was running a pump-and-dump strategy using twitter posts about cryptocurrencies such As bitcoin and Dogecoin (DOGE).

He also said BTC, DOGE, and Ether (ETH) have been the only three assets “of any relevance” he had out of the SpaceX and Tesla shares, and that neither he nor Tesla had liquidated any Bitcoin since the statement prohibiting crypto payments.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021


“I make a loss if the value of Bitcoin falls,” Musk stated, adding, “I would perhaps pump, but I wouldn’t dump. I don’t believe in inflating the price and then selling it or something like that.” Musk revealed in April that Tesla had liquidated a percentage of its Bitcoin assets — at a net profit of $272 million at the time — in order to demonstrate the asset’s viability as a cash substitute. He hasn’t specified the quantum of the cryptocurrency he holds personally, but he did say that his son – aged one – had some Dogecoin.

Previous Post

Bitcoin Back Above $30,000, but Concerns Remain

Next Post

Stablecoin Yuga Backed by Government Debt Receives US Patent

Related Posts

antix blends ai and blockchain to redefine digital identity

Antix Blends AI and Blockchain to Redefine Digital Identity

by Kelly Cromley
May 14, 2025
0

Antix, an emerging platform specializing in AI-driven digital identity, has unveiled its strategic vision to reshape how individuals engage with...

meta earth unveils blockchain-based universal basic income

Meta Earth Unveils Blockchain-Based Universal Basic Income

by Kelly Cromley
May 14, 2025
0

Meta Earth has introduced a pioneering initiative to address growing global inequality and the challenges posed by rapid automation. The...

maybank trustees and cokeeps to drive blockchain in asset management

Maybank Trustees and CoKeeps to Drive Blockchain in Asset Management

by Kelly Cromley
May 14, 2025
0

CoKeeps Sdn Bhd, a blockchain infrastructure firm based in Malaysia, has entered into a strategic agreement with Maybank Trustees Berhad,...

sft and atleta join forces to advance sports web3

SFT and Atleta Join Forces to Advance Sports Web3

by Kelly Cromley
May 14, 2025
0

In a strategic move to advance blockchain integration in the sports sector, SFT Protocol has confirmed a partnership with Atleta...

waterfall network launches cascadify and the lamb

Waterfall Network Launches Cascadify and The Lamb

by Kelly Cromley
May 14, 2025
0

The Waterfall Network, a fast-expanding ecosystem built on BlockDAG technology, has introduced two innovative platforms—Cascadify and The Lamb—designed to streamline...

nansen joins mantra chain to boost blockchain compliance

Nansen Joins MANTRA Chain to Boost Blockchain Compliance

by Kelly Cromley
May 14, 2025
0

Nansen, a prominent blockchain analytics firm, has formally become a validator on the MANTRA Chain, marking a strategic advancement in...

Next Post
Stablecoin Yuga Backed by Government Debt Receives US Patent

Stablecoin Yuga Backed by Government Debt Receives US Patent

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • XRP Ledger Embraces Precious Metal-Backed Stablecoins with Meld Gold Partnership

    by Kelly Cromley
    Oct 2, 2024

Recent News

antix blends ai and blockchain to redefine digital identity
Market News

Antix Blends AI and Blockchain to Redefine Digital Identity

by Kelly Cromley
May 14, 2025
meta earth unveils blockchain-based universal basic income
Market News

Meta Earth Unveils Blockchain-Based Universal Basic Income

by Kelly Cromley
May 14, 2025
maybank trustees and cokeeps to drive blockchain in asset management
Market News

Maybank Trustees and CoKeeps to Drive Blockchain in Asset Management

by Kelly Cromley
May 14, 2025
sft and atleta join forces to advance sports web3
Market News

SFT and Atleta Join Forces to Advance Sports Web3

by Kelly Cromley
May 14, 2025
waterfall network launches cascadify and the lamb
Market News

Waterfall Network Launches Cascadify and The Lamb

by Kelly Cromley
May 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market News
  • News
  • Ripple News
  • Solana News

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree