Musk noted that he was personally harming himself by suspending bitcoin transactions for Tesla.
see photosTesla’s valuation has also crossed $1 trillion
Tesla stopped bitcoin trading in May 2021, but it may soon resume accepting cryptocurrencies. As it filed its Q3 2021 earnings report, it disclosed holdings of $1.5 billion worth of bitcoin which is an indicator of its readiness to reopen acceptance of bitcoin.
Tesla CEO Elon Musk initially supported the cryptocurrency, but then in May, he decided to pull the plug on it and began pushing Dogecoin. Musk had said that bitcoin’s suspension was due to the environmental impact of bitcoin mining, which uses electricity-intensive GPU farms that operate through non-renewable sources of energy.
Elon Musk Suspends Bitcoin Transactions
This was in a way contrary to Tesla’s vision of helping the world achieve carbon neutrality. “When reasonable (50 percent) clean energy use by miners is confirmed with a positive future trend, Tesla will resume allowing bitcoin transactions,” Musk said at the time.
Musk noted that he was personally harming himself by suspending bitcoin transactions for Tesla. But when Tesla is preparing to open bitcoin transactions, it may not happen immediately because 5 months is not a long time and it is unlikely that much mining has converted to operate by permanent means.
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In fact, there is a global semiconductor shortage that is making GPUs expensive and there is an unprecedented demand for them. This coincides with the fact that Tesla recently became the 5th US firm to cross the $1 trillion valuation mark.
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