Bitcoin recovered from its Monday slump after Elon Musk renewed the cryptocurrency market’s confidence by hinting Tesla will accept bitcoin again.
During a virtual panel hosted by Crypto Council for Innovation, which he featured in alongside Twitter founder, Jack Dorsey, the Tesla boss reiterated his support for the crypto.
Musk had withdrawn support for bitcoin in May 2021 citing environment concerns. He removed the most popular cryptocurrency from Tesla’s payment option for customers.
According to him, bitcoin was significantly contributing to environmental degradation through miners use of fossil fuel to develop bitcoin for trading.
Fast forward to Wednesday during the webinar, Musk stated that if bitcoin miners could reduce their fossil usage by replacing it with 50% renewable energy, Tesla will start selling its cars in exchange for bitcoin.
“As long as there is a conscious effort to move bitcoin miners toward renewables then Tesla can support that.” Musk stated during the virtual panel session.
This statement was enough to boost confidence in the bitcoin community as the crypto rebound having traded below $30,000 between Monday and Tuesday.
The price of bitcoin appreciated by 7.58% in the last 24 hours to hit $32,815 from below $31,500, before facing some resistance that depreciated its value below $32,000.
As at the time of filing in this report, the current price of Bitcoin was $32,000.13.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...