Bitcoin surges after Elon Musk says Tesla will start accepting it again once clean energy conditions are met – –

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Bitcoin surges after Elon Musk says Tesla will start accepting it again once clean energy conditions are met – –


Bitcoin price rises after Tesla (TSLA) CEO Elon Musk tweeted on Sunday that the electric car maker will resume accepting cryptocurrency once at least half of it can be mined using clean energy.

“When there is confirmation of reasonable (~ 50%) use of clean energy by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk tweeted Sunday afternoon.

Musk did not say anything about how he expected clean energy use to be monitored, nor did his company immediately respond to a request for comment from CNN Business.

The price of the cryptocurrency jumped to over $ 39,400 early Monday morning – a jump of about 12.5% ​​from the previous day, according to Coinbase.

Tesla started accepting bitcoin transactions for its electric vehicles at the end of March. But in May, Musk said his company was suspending plans to accept cryptocurrency as a form of payment. He cited the high environmental cost of bitcoin as the reason for this move, after months of optimism about it.

Bitcoin has been incredibly volatile since the start of the year. It started in January at around $ 29,400, according to Coinbase, and hit $ 64,899 in April. Musk’s tweets seem to have contributed to its volatility. After announcing that Tesla would no longer accept bitcoin, it fell 12%.

Musk said in the tweet on Sunday that his company had only sold around 10% of its bitcoin holdings “to confirm that BTC could be liquidated easily without moving the market.”

Other cryptocurrencies were also up on Monday morning. Ethereum rose more than 7.7% on Monday morning, according to Coinbase, while dogecoin rose about 5%.

– Rishi Iyengar contributed to this report.



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