Thursday, September 29, 2022
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Tesla will return to accepting payments in Bitcoin

Tesla will return to accepting payments in Bitcoin. This was stated by CEO Elon Musk on Twitter responding to a post.

The accusation against Elon Musk is that he has manipulated the market with his constant tweets about Bitcoin. In response to yet another article on the subject, Musk said that Tesla had only sold 10% of its bitcoin in order to check the markets’ reaction and the risk of turbulence. He added:

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions”.

It was in pursuit of this goal that the Bitcoin Mining Council, a “consortium” uniting the largest Bitcoin mining companies in North America, came into being in recent weeks. It was christened by Michael Saylor, CEO of Microstrategy, and Tesla’s own CEO, who met with the miners. But apparently, Elon Musk will not play any role in this organization.

An official note reads:

“Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining”.

The decision to exclude Elon Musk probably also responds to the need to keep the market protected from the Tesla CEO’s constant tweets, which, it has been seen, can cause sensational pump and dumps.

Tesla will resume accepting bitcoin: the reaction of the market

The fact that Tesla will return to accepting bitcoin seems to have given the market a shake-up, this time a positive one. Today, BTC is gaining about 12% and is back within touching distance of $40,000. This price increase comes after a difficult few weeks, with Bitcoin losing about 50% of its value since its $65,000 peak in April. Two factors had mainly reversed Bitcoin’s rising course: 

  • China’s new ban on cryptocurrencies, 
  • the news that Tesla would no longer accept payments in bitcoin.

Elon Musk’s choice at the time helped to reopen the debate on Bitcoin’s energy consumption and the need to make the blockchain work with clean energy. In fact, this has been a long-standing trend, as demonstrated by the project by Square and Ark Invest. In contrast, the community did not particularly appreciate the emergence of the Bitcoin Mining Council as an attempt to control Bitcoin. The fact that Musk is not a member, however, could make the association less centralized or less subject to the influence of Tesla’s CEO.

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