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Bitcoin rebounds as Elon Musk gives update on Tesla accepting crypto

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LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?

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Musk had withdrawn support for bitcoin in May 2021 citing environment concerns.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.

Read also: Bitcoin transactions by Nigerians increase to $38m despite CBN ban

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.

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