BTC payments at Tesla: The firm was “very ignorant” of the environmental cost of Bitcoin

Kimbal Musk is Elon’s brother and sits on the board of Tesla. In an interview with TechCrunch, he said that the company had no idea of the environmental impact of Bitcoin when it decided to accept BTC payments. While it has since backtracked, he assures that the company remains interested in cryptos. The announcement at the time had caused a stir. In 2021, the American carmaker Tesla said it would accept Bitcoin for payments for its electric cars. It had also announced to invest in Bitcoin to the tune of 1.5 billion dollars. Then the firm backed out of Bitcoin payments for ecological reasons. Recently Elon Musk’s brother went back on these events. Tesla did not know that Bitcoin consumes so much… If we don’t introduce Elon anymore, you may not know his brother, Kimbal! Kimbal Musk is a member of the Tesla board. Recently he gave an interview to TechCrunch media during the Ethereum Denver Conference. Kimbal Musk talked about Tesla’s change of strategy on Bitcoin. As he explains, Tesla was unaware of the ecological impact of Bitcoin when it decided to accept BTC payments. According to him, the realization was made on social networks. Shortly after its decision, the company received thousands of messages pointing out the energy-consuming side of Bitcoin. “When we invested in Bitcoin, we were very ignorant. We had no idea about the environmental impact, we literally didn’t know, we were like this seems like a good store of value and a good way to diversify assets.

And of course, our company is about creating alternative energy futures, so we weren’t sufficiently informed when we made this decision.” Kimbal Musk, Tesla board member and brother of Elon Musk Tesla’s plans with cryptocurrency While Kimbal’s statement has the air of a mea culpa, Elon’s brother nevertheless says that the company does not “regret buying Bitcoin.” Moreover, he says he is excited about the potential of crypto. Also, for him and the company, it’s all about finding a way to make cryptos like Bitcoin more environmentally friendly. “I don’t agree with the environmental cost of crypto at all, but I like what crypto can do. So we just have to find a way to do the same thing without environmental impact. (…) Cryptocurrency is a good idea on many levels and we think it has a bright future but it can’t be at the expense of the environment.” Kimbal Musk, Tesla board member and brother of Elon Musk

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