Head of Tesla – Elon Musk – reportedly revealed that his decision to rule Bitcoin out of the viable payment options list will be reversed, should evidence of miners harnessing clean energy for operating is available. 

Specifically, in response to a call-out on Twitter by Head of Sygnia Magda Wierzycka for an SEC investigation into Musk’s alleged attempt to manipulate Bitcoin price. 

Per Wierzycka, Musk intentionally shot up the price of Bitcoin to facilitate the selling of a “big part of his exposure at the peak”, to which the Tesla founder denied, sharing that Tesla only sold approximately 10% of holdings, to prove that simplified liquidation of Bitcoin can be achieved, at no cost of moving the market. 

Musk’s response has reportedly offered some assurance to the sector that the fear, uncertainty and doubt revolving around crypto will soon be dismissed. 

Previously, Musk reportedly offered confirmation in April regarding Tesla’s initiative to sell a sum of its Bitcoin holdings for the above reason. In March, the billionaire acknowledged that Tesla finalized the addition of $1.5 billion equivalent of Bitcoin to its balance sheet, and would make Bitcoin-enabled purchases available for its automobiles. 

Nonetheless, the pro-crypto decision was brief, following Musk’s worries over the virtual coin’s energy usage. On May 12, Musk took to Twitter to disclose that his firm would halt Bitcoin payments, because of the network’s “increasingly rapid use of fossil fuels…”

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.” Musk reportedly outlined Tesla’s plan for the reversal of Bitcoin payment rule-out. 

Regardless of the negative rumours surrounding Bitcoin mining, the sector has already been utilizing clean energy resources to fuel its operation, around three-quarter of the entities.