In a recent Tweet, Tesla CEO Elon Musk said the company will allow Bitcoin payments again when the mining of the coin becomes more environmentally friendly and uses approximately 50% renewable energy.
Related: Elon Musk Has No Role in BTC Mining Council
Following Musk's announcement that Tesla no longer accepts BTC payments in May, a lot of people started criticizing him for market manipulation. Among them is Magda Wierzycka, the CEO of a financial services provider Sygnia Ltd. Media platform CoinTelegraph published an article about Wierzycka's opinion concerning Bitcoin price and Elon Musk's influence on the market.
Commenting on the article, Musk said the opinion that he manipulates prices is inaccurate. The business magnate stated Tesla sold about 10% of its BTC funds acquired in February to show BTC could be liquidated without changing the market.
When there is progress in making BTC mining more based on green energy, the firm will restart operations with it. After Musk's announcement, the price of Bitcoin has increased. Currently, the coin trades at over $39.500 with a market cap of around $740.6 B.This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
— Elon Musk (@elonmusk) June 13, 2021
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.