(C) Reuters. FILE PHOTO: A Tesla car is seen in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo
(Reuters) -Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk’s tweet.
Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.
He announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.
The billionaire said that he believed cryptocurrency has a promising future, but it cannot be at great cost to the environment.
In February, Tesla revealed it had bought $1.5 billion of bitcoin and would accept it as a form of payment for cars.
Musk says Tesla will accept bitcoins when miners use more clean energy
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.