One of the main reasons for Tesla to reenter the Bitcoin market is due to its gradual transition to renewable energy sources. Nearly 50 per cent of the Bitcoin mined in the world uses renewable sources of energy. However, cryptocurrencies have been increasingly criticized for the colossal amount of power used during the mining process. Ethereum, in particular, plans to address this by transitioning to a proof of stake model which determines value based on the amount of Ethereum one holds, instead of the computational power one has to offer.
Also read: Cryptocurrency trading: Countries where Bitcoin and other cryptocurrencies are banned/ illegal
There is no telling when Tesla will actually start accepting Bitcoin, though. Then again, not a whole lot of businesses accept Bitcoin, to begin with. The ‘currency’ part of cryptocurrency is yet to materialize itself. Although that is beginning to change slightly. If cryptocurrencies pique your interest, do check out our list of top 5 cryptocurrency exchange apps in India for online trading of Bitcoin, Ethereum, and more.