Tesla CEO Elon Musk says his electric vehicle company will begin accepting Bitcoin ( BTC ) payments as soon as there is confirmation that miners are using clean energy, providing a spark of hope that the FUD surrounding digital assets may soon subside.
According to Wierzycka, Musk deliberately pumped up the price of Bitcoin only to sell "a large portion of his exposure at the top."
"This is inaccurate," Musk said in a response on Sunday. "Tesla only sold about a 10% stake to confirm that BTC could be easily liquidated without moving the market."
Musk admitted in April that Tesla sold some of its bitcoin holdings to prove the asset's liquidity as an alternative to cash. Just a month earlier, the billionaire confirmed that Tesla had added $1.5 billion worth of BTC to its balance sheet and would begin accepting virtual assets as payment for its vehicles.
However, Tesla's acceptance of Bitcoin as payment was short-lived after Musk raised concerns about the cryptocurrency's energy consumption. On May 12, Musk tweeted that his company would no longer accept Bitcoin payments due to the network's "accelerating use of fossil fuels..."
