Bitcoin rallies after Elon Musk says Tesla is ‘most likely’ to resume accepting it

Bitcoin’s value has risen after Elon Musk stated that Tesla, his electric car manufacturer, would “most likely” resume accepting cryptocurrency.

This is the latest move by the tech entrepreneur. After Tesla had previously stated that it would accept Bitcoin to purchase vehicles, but then it announced that it would no longer do so in May.

Bitcoin rose 8.8% to $32,000 in the comments on Wednesday after it suffered more volatility this week, when it fell below $30,000.

Tesla’s decision to┬áStop accepting Bitcoin Concerns about the way the cryptocurrency is ‘mined’Using large amounts of fossil fuel-derived energy.

Musk was positive when he spoke at a conference about the reasons for the move.

He stated that he wanted to do more research to confirm that renewable energy usage is at least 50% and that there is a trend towards rising that number. If so, Tesla would accept Bitcoin again.

“Most likely, Tesla would accept Bitcoin again.

Tesla’s mission aims to accelerate the development of sustainable energy.

“We cannot be the company that does this and not do the appropriate diligence regarding the energy consumption of Bitcoin.

Bitcoin experienced a significant increase in value in the early part of this year, but it was unable to reach $65,000 after peaking at $65,000. This is due to Tesla’s shifting stance and the growing volatility.threat from regulation in China.

Financial Conduct Authority figureslast month showedAn estimated 2.3 million UK adults are now holding cryptoassets like Bitcoin, despite warnings about the risks.