Elon Musk Says Tesla to Accept Bitcoin Transactions Again if Enough Clean Energy Usage Confirmed

Tesla CEO Elon Musk on Sunday said that the company will begin accepting bitcoin again if miners move to using enough renewable energy.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk wrote in a tweet.

His remarks came after Magda Wierzycka—CEO of Sygnia, a financial services company in South Africa—urged the U.S. Securities and Exchange Commission (SEC) to probe Musk's bitcoin tweets to determine if he's engaging in "market manipulation."

"The [Bitcoin] volatility we have seen is an unexpected function of what I would call market manipulation by Elon Musk," Wierzycka said in an interview on the Money Show. "If that happens to a listed company, he would be investigated and severely sanctioned by [the] SEC."

Musk called Wierzycka's allegation "inaccurate" on Sunday. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market," he tweeted.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

Musk, an avid supporter of cryptocurrencies, often drives the price of bitcoin up or down with his tweets. However, his remarks on Sunday did little to change its value. The price of bitcoin rose about 5 percent to nearly $37,360 about half an hour after Musk's tweet.

In a February SEC filing, Tesla announced that it will start accepting bitcoin for car transactions after it purchased $1.5 billion of the cryptocurrency. In May, Musk said Tesla had "suspended vehicle purchases using bitcoin" due to concerns over "rapidly increasing use of fossil fuels for bitcoin mining."

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," Musk said in a statement shared to Twitter. "Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy."

At the time, the price of bitcoin decreased by about five percent within minutes of Musk's tweet.

In recent months, Musk has been promoting dogecoin, a cryptocurrency initially created as a joke by software developers Billy Markus and Jackson Palmer. After NBC's Saturday Night Live named Musk as a host in April, the businessman tweeted a photo of the announcement and called himself the "Dogefather."

Musk previously warned people not to go "too far on the crypt speculation front" in a street interview with TMZ.

"First of all, I think people should not invest their life savings in cryptocurrency to be clear," he said. "I think that's unwise ... there's a good chance that crypto is the future currency of earth. And then it's like, 'Well which one is it going to be.' Maybe it will be multiple. But it should be considered speculation at this point and don't go too far on the crypto speculation front."

Newsweek reached out to Tesla for further information. This story will be updated with any response.

Elon Musk says Tesla will accept bitcoin
Elon Musk on Sunday said that Tesla will accept bitcoin again when miners move to more renewable energy sources. Getty Images