Must be greener: Musk sets conditions for Bitcoin

Must become more environmentally friendly
Musk sets conditions for Bitcoin

Tesla boss Musk is currently increasing Bitcoin again: If half of the crypto currency is produced using renewable energies, he would accept it as a means of payment again. In the same breath he battles critics who call him a market manipulator.

According to its boss Elon Musk, the car manufacturer Tesla will accept the crypto currency Bitcoin again as a means of payment under certain conditions. If it turns out that an appropriate share of around 50 percent of renewable energies is used in Bitcoin production and there is also a positive trend in this direction, Tesla will again allow Bitcoin transactions, Musk tweeted in the evening. Musk announced in March that Tesla would also sell its cars for Bitcoin in the future. In May he made a U-turn and justified this with climate concerns.

Musk also tweeted that Tesla had sold about ten percent of its Bitcoin inventory “to confirm that Bitcoin can simply be liquidated without moving the market.” The Bitcoin price rose on the Sunday after the tweet. Musk linked his tweet to a post from the Internet service “Cointelegraph”, which he rejected with the words “This is wrong”.

An interview with the head of the financial services provider Sygnia, Magda Wierzycka, was reproduced there. “What we saw with Bitcoin is the price manipulation by a very powerful and influential person,” said Wierzycka there. There were market fluctuations in Bitcoin, which she would describe as “market manipulation by Elon Musk”. If this happened to a publicly traded company, it would be investigated by the US Securities and Exchange Commission and severely punished.

Tweet to make money

Musk knowingly increased the price of Bitcoin by, among other things, writing tweets mentioning that Tesla had bought $ 1.5 billion in Bitcoin, the Sygnia boss said. He then sold a large part of it at the height of the Bitcoin price.

Musk has been criticized by some market watchers for months. They accuse him of affecting the Bitcoin exchange rate with sometimes simple tweets and thereby giving themselves or Tesla the opportunity to gain financial advantages. Musk has around 57 million followers on Twitter. If only some of them get involved in the crypto currency in Musk’s Bitcoin tweets, this can move the price significantly.