Tesla CEO Elon Musk finally confirmed that his company is ready to accept bitcoins after doing some research on the improvements made in the energy mix to mine the cryptocurrency.
Elon Musk spoke at the “B Word” conference. He revealed that there had been improvements and Tesla will conduct more diligence to confirm. However, Electrek reports that he believes the automaker will accept crypto payments again.
Musk stated that he wanted to do more research to verify that renewable energy usage is at least 50% and that there is a trend towards increasing it. If so, Tesla would resume accepting Bitcoin.
He said, “Most likely, the answer is that Tesla would continue accepting bitcoin,” he continued.
Tesla CEO confirmed that he also has significant personal bitcoin investments in addition to Tesla’s, and smaller Ethereum and Dogecoin holdings.
Tesla has spent the past year exploring the cryptocurrency world on different levels.
In Bitcoin, Tesla had invested $1.5 billion earlier this year. The automaker began accepting cryptocurrency payments for new vehicles shortly thereafter.
Musk later spoke out about the possibility that Tesla might accept Dogecoin for payment for its vehicles.
Tesla made a backward step with crypto a few days later when it removed the Bitcoin payment option.
The company expressed concern about the network’s energy consumption.
This was a concern shared by many members of the Tesla community when Tesla announced its Bitcoin investment. Many were angry that Tesla didn’t consider it.
Tesla stated at the time that they had not sold their Bitcoin stake and that they would resume accepting Bitcoin payments when the network has a greater mix of renewable energy.
