Tesla and SpaceX CEO admits he sees positive dynamics in the use of renewable energy sources for Bitcoin mining.
SpaceX and Tesla CEO Elon Musk, speaking at the online conference “The B Word”, announced the purchase of bitcoin by SpaceX.
The businessman also noted that he personally owns the first cryptocurrency(bitcoin), Ethereum and Dogecoin.
Musk also said that Tesla plans to resume accepting bitcoin as a means of payment.
Can we start the bull run now? pic.twitter.com/RyRHfN32hv
— Crypto Godfather (@CryptoGodfatha) July 21, 2021
Tesla refused to accept payments in bitcoin in mid May this year. Then Musk criticized the first cryptocurrency (bitcoin) for an unsustainable way of mining it.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
According to the businessman, Tesla cannot afford to harm the environment, so it will not accept cryptocurrency as payment until it is mined using renewable energy sources.
In early June, MicroStrategy CEO Michael Sailor and the Bitcoin Mining Council (BMC) he created presented data according to which the share of “green” mining in the bitcoin hashrate exceeded 56%.
Musk questioned the reliability of these data, but admitted that “there is a positive trend” in the use of renewable energy sources for mining.
“I intend to pay more attention to this issue to make sure that the percentage of renewable energy is likely to be 50% or more, and that there is a tendency to increase this percentage. If so, Tesla will resume accepting bitcoins, ”Musk said.
The conference was attended by Twitter founder and CEO Jack Dorsey and ARK Investment founder Katie Wood.
Track 2 – Bitcoin as a Tool for Economic Empowerment
Commenting on Musk’s words, Dorsey added that Bitcoin is driving a lot of energy innovation.
In turn, Wood said that in the future, bitcoin will become more environmentally friendly than the traditional financial sector and the gold mining industry.
The head of ARK Invest believes that the first cryptocurrency (bitcoin) will become socially significant, since it will be able to provide access to payment technologies to residents of regions where there is no banking service.
Investment company ARK Investment invests in shares of the Grayscale Bitcoin Trust, which are backed by bitcoin, as well as in companies associated with the crypto industry.
Katie Wood’s company owns 9 million shares of GBTC (worth $ 235 million) and 1 million shares of the largest US cryptocurrency exchange Coinbase (worth $ 240 million).
In early May, Jack Dorsey’s payment company Square published a financial report for the first quarter of 2021, according to which the income from investments in bitcoin was $ 3.5 billion, while the gross profit from investments in cryptocurrency was only 2% of this amount – $ 75 million.
Square last invested in bitcoin in February 2021. Then the company bought a cryptocurrency for $ 170 million at an average price of $ 51 thousand.
Before that, it bought bitcoin in October 2020. Cryptocurrency now accounts for about 5% of Square’s total reserves.
