The environmental cost of mining — or creating — digital currencies has been well-documented for years
, with the debate around them reignited in recent months as cryptocurrency-based tokens known as NFTs exploded in popularity
and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company disclosing in February
that it had invested $1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk tweeted
in late March that people “can now buy a Tesla with Bitcoin.”
Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago.
On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources.
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he said. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Bitcoin isn’t the only cryptocurrency Musk has touted in recent weeks. He has also repeatedly hyped the canine-themed dogecoin
, tweeting about it to his 54 million followers and even sending its price crashing
when he played a character on “Saturday Night Live” who called the currency a “hustle.”
Musk’s last tweet before his Wednesday bitcoin about-face was a poll
asking followers if they wanted “Tesla to accept Doge.”