October 16, 2021

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Elon Musk hints on Tesla accepting Bitcoin three months after rejection

  • Elon Musk, the founder of vehicle manufacturer, Tesla, has stated bitcoin will be accepted for the purchase of the company’s car
  • Musk gave condition for the cryptocurrency to be accepted by Tesla as he suggested that renewable energy should be used to develop the crypto
  • The decision was positively accepted by the bitcoin community as the value of the cryptocurrency rose following Musk’s comment

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Tesla founder, Elon Musk, has hinted that the vehicle manufacturer has not ruled out acceptance of bitcoin, a statement that was well received by bitcoin market.

Musk’s statement comes almost three months after rejecting bitcoin as a payment option for Tesla vehicles, faulting environmental issue for the decision.

The automaker started accepting the cryptocurrency in February 2021, before stopping in May, a decision that crashed the bitcoin and crypto market since mid-May.

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Starlink boss, Elon Musk, says bitcoin will join Tesla's payment option on a condition
Tesla founder, Elon Musk, and bitcoin supporter. Photo: Michael A. McCoy
Source: Getty Images

But Tesla will have a change of mind once renewable energy becomes 50% bitcoin miners’ main power, Musk said during a webinar organised by Crypto Council for Innovation.

He further stated that:

“As long as there is a conscious effort to move bitcoin miners toward renewables then Tesla can support that.”

Bitcoin reacts positively to Musk’s statement

Since the comment by Musk, bitcoin has risen by 7.58% in the last 24 hours as the price of the crypto jumped having crashed below $30,000 between Monday and Tuesday.

Bitcoin price appreciated from $31,000, hours after the statement by the SpaceX boss, to about $32,815, before reverting back below $32,000.

During the same period under review, the most popular cryptocurrency had traded as low as $29,514.52 – the digital coin’s year-to-date is now at 9.09% as at Wednesday night, as bitcoin trades at 32,042.53 at the same period.

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Elon Musk to introduce network service in Nigeria

The billionaire is planning to bring his telecommunications company, Starlink, to Nigeria as the network provider aims for global dominance.

Musk sent representatives of Starlink to the country to meet with members of the country’s telecom regulator, Nigerian Communications Commission.

They met to discuss license for operation and Starlink’s plan for Nigerian data subscribers.

Source: Legit.ng