1/22/2024 0 Comments Tesla sells carbon credits![]() You might have come across news headlines such as ‘ Bitcoin consumes more energy than some countries, ‘ It’s a dirty currency because it consumes lots of electricity, “Bitcoin emissions could push global warming above 2-degree celsius, and the list is endless. Well, he is not the only one who is attacking Bitcoin on the grounds of environmental concern. In a tweet, he cited environmental reasons and increasing usage of fossil fuels in bitcoin mining as the main reasons behind the move.Įlon Musk’s opinion on Bitcoin has shifted several times in past, and his tweets have always been unpredictable and thus, Elon Musk’s sudden concern for the environment should not be that surprising. On May 12th, Elon Musk confirmed that Tesla will not be accepting Bitcoin as payment for its vehicle purchases. Tesla and Elon Musk’s announcements made it clear that they were completely on board and would further help for institutional adoption of cryptocurrencies, but soon enough fear, confusion and doubt would surround Tesla and its stance on Bitcoin. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency," Musk said in a tweet after the initial announcement. "Tesla is using only internal & open source software & operates Bitcoin nodes directly. Then on 24th March, Tesla’s CEO Elon Musk announced that the electric carmaker company would begin to accept Bitcoin as a payment for its cars. Tesla’s support for cryptocurrencies was followed by a huge surge in prices of different crypto assets such as Bitcoin, Dogecoin, Ethereum etc. In a filing with the Securities and Exchange Commission (SEC), the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla had more than $19 billion in cash and cash equivalents on hand at the end of 2020 and thus, Tesla’s move into bitcoin represented a significant percentage of its cash in the investment. In February 2021, Tesla had announced that it has bought $1.5 billion worth of bitcoins.
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