During a live-streamed conversation with Twitter founder Jack Dorsey for the B Word Conference, Musk said “It looks like bitcoin is shifting a lot more towards renewables.”
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Elon Musk said Wednesday that his company, Tesla, would “most likely” accept Bitcoin again in the future.
During a live-streamed conversation with Twitter founder Jack Dorsey for the B Word Conference, he said “It looks like bitcoin is shifting a lot more towards renewables.”
He went on, “I wanted to do a bit more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number and, if so, then Tesla would resume accepting bitcoin.”
Ultimately, he concluded, Tesla will probably accept bitcoin again, which sent bitcoin prices upward. Following his announcement, bitcoin surged to over $32,000.
Hossein Azari, a former senior scientist at Google and the founder of consumer decentralized finance company Cmorq, told Entrepreneur at that time, “Any effort to innovate has volatility. Find me a low-volatility asset that has changed people’s lives.”
The fact that Musk’s commitment to “most likely” accepting the cryptocurrency buoyed the price so quickly is a testament to that.