Elon Musk, one of the richest people in the world, stated at the B-Word conference he attended that Tesla and SpaceX invest in Bitcoin, as well as he personally invests in Bitcoin, Ethereum, and Dogecoin.
Noting that there is more transition to renewable energy sources in Bitcoin mining, he explained that a group of coal power plants, especially in China, were closed.
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.
Musk said, “I would like to take a little more care to confirm that the percentage of renewable energy use is most likely 50 percent or higher and that there is a trend towards increasing it. If so, Tesla will most likely continue to accept Bitcoin.” and added, “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.”
In a post on Twitter in May, Elon Musk announced that Tesla had suspended the use of Bitcoin in vehicle sales, less than two months after the company began accepting the world’s biggest digital currency for payment, citing environmental concerns.