Bitcoin’s price has climbed after Elon Musk said his electric car maker Tesla would “most likely” resume accepting the cryptocurrency.
It is the latest change of tack from the tech entrepreneur – after Tesla said earlier this year that it would accept Bitcoin for vehicle purchases but then in May that it would stop doing so.
Bitcoin rose 8% to more than $32,000 on the comments late on Wednesday, having suffered further volatility earlier this week that saw it tumble below $30,000.
But Mr Musk sounded a more positive note when he spoke about the reasons behind the move at a conference.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or
“Most likely the answer is that Tesla would resume accepting Bitcoin.
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“Tesla’s mission is accelerating the advent of sustainable energy.”
“We can’t be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin.”
Bitcoin enjoyed a surge in value earlier this year but after peaking at $65,000 it has been through a volatile period – thanks to Tesla’s changing stance as well as the growing threat from regulation in China .
Figures published by the Financial Conduct Authority last month showed an estimated 2.3 million UK adults now hold cryptoassets such as Bitcoin – despite warnings of the risks involved.
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