{"id":195466,"date":"2021-07-23T00:01:45","date_gmt":"2021-07-22T23:01:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=195466"},"modified":"2021-07-22T12:50:47","modified_gmt":"2021-07-22T11:50:47","slug":"elon-musk-flips-positive-on-bitcoin-btc-but-the-damage-is-already-done","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/elon-musk-flips-positive-on-bitcoin-btc-but-the-damage-is-already-done\/","title":{"rendered":"Elon Musk flips positive on Bitcoin (BTC), but the damage is already done"},"content":{"rendered":"

Tesla CEO Elon Musk has flipped positive on Bitcoin once again. Speaking during yesterday's The \u0e3f Word<\/a> conference, Musk said the mining sustainability situation has improved since he first raised objections in May.<\/p>\n

“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” he said.<\/p>\n

At that time, the Tesla boss said his firm would stop accepting BTC for payment due to his concerns over the use of environmentally damaging fossil fuels in the mining process.<\/p>\n

Rightly or wrongly, many attribute Bitcoin's 50% slide from its ATH squarely on Musk. The outpouring of hostility, as a result, has damaged his reputation in the crypto community.<\/p>\n

However, having seemingly flipped, will the community forgive and forget?<\/p>\n

Is Elon back on board with Bitcoin?<\/h2>\n

Adding to the supposed shift towards green Bitcoin mining, Musk said he wants to analyze the situation further. If his research shows BTC mining uses 50% or more renewable sources, then Tesla may restart Bitcoin payments.<\/p>\n

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting Bitcoin.”<\/p><\/blockquote>\n

As hell broke loose over Musk's Bitcoin snub in May, Anthony Pompliano<\/a> tweeted that the Bitcoin network already uses 75% renewable sources.<\/p>\n

\n

Elon … you realize that 75% of miners use renewable energy, right?<\/p>\n

This energy story has been debunked over and over again.<\/p>\n

— Pomp ? (@APompliano) May 12, 2021<\/a><\/p><\/blockquote>\n