The world's largest Electric car maker company CEO Elon Musk said at a conference on Wednesday, Tesla will accept Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.
"Most likely the answer is that Tesla would resume accepting Bitcoin."
Elon Musk statements at the B-Word conference come after Tesla said in May it would stop accepting Bitcoin for car purchases, less than two months after the company began accepting the world's biggest digital currency for payment.
"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin," Musk said.
The use of Bitcoin to buy Tesla's electric vehicles had accentuated a dichotomy between Musk's reputation as an environmentalist and the use of his popularity and stature as one of the world's richest people to back cryptocurrencies.
Elon Musk amplified that he personally owned Bitcoin, Ethereum and Dogecoin, apart from bitcoin that Tesla and SpaceX owned.
Some Tesla investors, along with environmentalists, have been increasingly critical about the way Bitcoin is "mined" using vast amounts of electricity generated with fossil fuels. More digital currency miners, however, are making attempts to use renewable energy to mitigate the impact on the environment.
"Tesla's mission is accelerating the advent of sustainable energy. We can't be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin," Musk said.
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