BTC rises in response to Musk’s hint that Tesla will accept bitcoin payments again

Musk says Tesla has sold only 10% of its bitcoin position

The price of bitcoin rose to $39,000 on June 14 after Tesla CEO Elon Musk tweeted that his electric car company would resume accepting bitcoin (BTC) payments once it confirmed that most bitcoin miners were harnessing clean energy.

The news comes after Sygnia CEO Magda Wierzycka reportedly called on the U.S. Securities and Exchange Commission (SEC) to investigate Musk for allegedly manipulating the price of the bitcoin market.

In response, Musk responded on twitter, saying.

BTC rises in response to Musk's hint that Tesla will accept bitcoin payments again

“This is inaccurate, Tesla has only sold about 10% of its bitcoin position to confirm that BTC can be easily liquidated without disrupting the market.
Tesla will resume accepting Bitcoin payments when we confirm that approximately 50% of miners will use clean energy in the future.

According to Wierzycka, Musk deliberately jacked up the price of Bitcoin just to sell most of his exposure at the peak of the market.

As cointelegraph previously reported, Musk had admitted in April that Tesla had sold some of its bitcoin holdings to prove the liquidity of BTC as a cash alternative, and a month before that, Tesla announced that it had added $1.5 billion worth of bitcoin to its balance sheet and would begin accepting the virtual asset as a payment method for its electric cars.

In May, however, Musk turned against Bitcoin, tweeting that Tesla had stopped accepting Bitcoin as a payment method on the grounds that it “consumes a lot of fossil fuels.

Musk’s tweet coincides with a series of negative headlines about bitcoin energy use, China’s crackdown on bitcoin mining and signs of weakness in the overextended cryptocurrency’s rally, which has seen the price of bitcoin fall about 54 percent in the past month.

In addition, Musk was recently invited by MicroStrategy CEO Michael Saylor to attend a conference for bitcoin miners, which was aimed at getting miners to use more renewable and clean energy and to increase transparency in the mining process.

Despite the many criticisms of bitcoin mining from the community, it is estimated that the vast majority of miners are already using alternative energy sources.

When do you think Tesla will re-accept bitcoin payments?

Posted by:CoinYuppie,Reprinted with attribution to:
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