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Home >Companies >People >Bitcoin jumps after Elon Musk says Tesla may use the crypto in future

Bitcoin jumped above $39,000 after Elon Musk said Tesla Inc. would resume transactions with the cryptocurrency when mining is done with more clean energy.

The electric-car maker will allow Bitcoin transactions again “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend," Musk, Tesla’s chief executive officer, said in a tweet.

His posting was in reply to a report in Cointelegraph, which cited Magda Wierzycka, executive chair of South African asset manager Sygnia, as saying Musk’s recent tweets on Bitcoin should have prompted an investigation by the U.S. Securities and Exchange Commission.

The cryptocurrency gained as much as 9.3% to $39,372 on Sunday afternoon in New York, the highest level since June 3 and just below the $40,000 round-number level seen as key by some chart watchers. It was down about 1% to $38,881 as of 7 a.m. in Hong Kong on Monday.

Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, “you can now buy a Tesla with Bitcoin," only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

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