- During the “Bitcoin as a Tool for Economic Empowermen” analysis slot at “The B Word” event, Elon Musk revealed that Tesla will “probably” start accepting Bitcoin as a payment method again in the near future.
- This is thanks to the fact that more than 50% of Bitcoin mining uses, in some form, sustainable energy.
As we know, Elon Musk, CEO of Tesla and SpaceX, met with Jack Dorsey to talk about Bitcoin and cryptocurrencies. And one of the most important results of that meeting called “B-Word” was that Tesla could resume Bitcoin payments, as for Elon, 51% of the Bitcoin miner network could already be using renewable energies.
However, there were other data revealed by Elon, which could be positive for the future of cryptocurrencies do you want to know which ones?
B – Word
The Bitcoin ecosystem is like a roller coaster with constant ups and downs. Sometimes it receives numerous attacks by regulators, entrepreneurs, analysts, at other times it receives strong backing from companies such as the recent news that Apple and Amazon could be about to adopt cryptocurrencies.
It also often happens that some characters who gave negative comments regarding the digital asset change their minds, the latter is the case of Elon Musk.
Everything arose from the fact that last June 24, Twitter CEO Jack Dorsey announced “The B word” an event focused on the development of Bitcoin. Dorsey’s tweet was jokingly replied to by Elon Musk.
In that thread, Dorsey invited Elon to participate in this event, who, to the surprise of many, ended up being one of the participants in the “Bitcoin as a Tool for Economic Empowerment” space.
During his participation, Elon Musk commented on certain important points that served as the basis for this new Bull Run in the cryptocurrency market, which has led Bitcoin to climb from $30 thousand dollars to almost $40,500, according to data from CoinMarketCap.
Power consumption in the Bitcoin network
It’s no secret to anyone that Bitcoin mining needs a lot of power to validate every single transaction, as well as keep the network secure. The Bitcoin network consumes between 3 and 9 Giga Watts of power daily.
Such levels mean that Bitcoin consumes almost as much energy per year as Colombia, Austria and Venezuela. However, its size relative to other sectors such as chemicals or home air conditioners is tiny.
Still, this was the reason why Tesla stopped accepting Bitcoin as a payment method last May, in addition, because of Elon Musk’s concern about the effects of this sector on the generation of greenhouse gases.
This same point led Musk to criticize on different occasions the network of the world’s first cryptocurrency, along with its users. Which was one of the reasons why the price of cryptocurrencies began to correct.
Bitcoin Mining Council
In response to these questions the CEO of MicroStrategy along with other partners created the Bitcoin Mining Council.
“The Bitcoin Mining Council is an open, voluntary forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices and educate the public about the benefits of Bitcoin and Bitcoin mining.”
This organization released the staggering figure that 67% of miners on the network use at least 50% renewable energy. Which then granted it, according to global standards, the classification of one of the sectors most focused on green energies.
But in addition, it granted finally a real way to measure the progress of the world’s crypto miners, as well as the conditions in which they operate. reporting that the figure Elon Musk was waiting for to re-embrace Bitcoin had been recorded.
B-Word and Elon Musk
In the “Bitcoin as a Tool for Economic Empowermen” speech, Elon Musk revealed that Tesla would “probably” start accepting Bitcoin as a payment method again in the near future.
However, Elon still wants to be sure that the figure that the majority of miners in the world use renewable energy is correct before taking any further action.
“It looks like Bitcoin is moving a lot more towards renewables and a lot of the heavy-duty coal plants that were unequivocally being used have been shut down, especially in China. I want to do a little more due diligence to confirm that the percentage of renewable energy use is more likely 50% or more and that there is a trend to increase that number. If so, Tesla will go back to accepting Bitcoin,” commented the Canadian-South African.
In addition, he wanted to explain why Tesla had closed the doors to the world’s first cryptocurrency as part of payment, leaving once and for all buried the theory that it had done so on a personal or eccentric whim of the CEO of SpaceX, or even for criminal reasons of a Pump and Dump.
“Tesla’s mission is to accelerate sustainable energy. We can’t be the company that does that and not perform proper due diligence on Bitcoin’s energy use… I could Pump, but never Dump, but I don’t believe in growing the price of BTC and then selling it… On the other hand, if the price of BTC goes down I lose money.” he declared.
Elon hodlea Bitcoin
Another important revelation Elon expressed in the B-Word is that he does own cryptocurrencies as a personal investment. More specifically Ethereum (ETH), Bitcoin (BTC) and Dogecoin (DOGE). Which leaves behind years of rumors and legends about whether Elon was a crypto user or not.
And he even expressed that his one-year-old son, X Æ A-Xii, also owned DOGE for savings.
“The only three assets of any significance that I own, outside of SpaceX and Tesla shares, were BTC, DOGE and ETH.”
On the other hand, another news that made the Bitcoin price react positively, is that he expressed that SpaceX, a private company that does not have to publicly disclose its financial statements, also owned Bitcoin (BTC) as an investment.
To conclude, Tesla’s CEO expressed “I want Bitcoin (BTC) to succeed”.
