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The value of Bitcoin rises after yet another tweet from Elon Musk



The value of Bitcoin rises after yet another tweet from Elon Musk

The Bitcoin value increased by about11% in the last few hours after that Elon Muskhead of Tesla, said the company will accept cryptocurrency as a payment method when it comes to a “reasonable” use of clean energy by miners. Once again Musk, with a small statement, has managed to change the Bitcoin market.

Elon Musk confirms: Tesla will return to accepting Bitcoin payments when using clean energy for mining

“When there is confirmation of reasonable use (around 50%) of clean energy by miners, with a positive future trend, Tesla will resume allowing Bitcoin transactions.” So Elon Musk tweeted yesterday. Triggering, of course, a response in the value of the Bitcoin that it has risen to around $ 40,000.

  Incredible surge for Bitcoin which is now worth more than Facebook

This is inaccurate. Tesla only sold ~ 10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~ 50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

– Elon Musk (@elonmusk) June 13, 2021

The Tesla boss also added that the company only sold about 10% of the holdings, confirming that Bitcoin could “be liquidated easily without moving the market”.

Tesla revealed in February that it had purchased 1.5 billion dollars in Bitcoin and that it would accept cryptocurrency as a form of payment for its electric vehicles. Last month, however, the company reversed its position, suspending the purchase of cars with Bitcoins. The motivation would be the increasing use of fossil fuels for its mining, which has a great impact on the environment and goes against Tesla’s ethics of clean energy. Obviously, Tesla’s move, along with that of China, had caused the price of several cryptocurrencies, including Bitcoin, to collapse.

  Financial sector at the blow of bitcoin

An analysis by the University of Cambridge revealed that cryptocurrency uses more than 121 terawatt hours (TWh) per year. Which would rank it among the top 30 electricity users worldwide, consuming as much as Argentina. However, experts also believe that cryptocurrency mining farm creations in colder countries like Norway, where most of the electricity comes from renewable sources, is a positive step.

Last week El Salvador announced its intention to use the geothermal energy of the country’s volcanoes for Bitcoin mining. Also last week Square has announced that it will partner with Blockstream Mining to build a huge 100% solar powered Bitcoin mining facility.