Bitcoin Price: Elon Musk sparks new surge as Tesla updates BTC payment timeline
By OLIVER TRAPNELL
BITCOIN price surged after Elon Musk’s latest tweet concerning the world’s most popular cryptocurrency.
The multi-billionaire today tweeted an update about the future of Tesla and whether or not it would accept payments using the virtual currency again. Mr Musk said Tesla will begin accepting payment using Bitcoin when cryptocurrency mining becomes less environmentally damaging.
He said: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.”
Shortly after the Tesla CEO’s comments, Bitcoin’s price jumped up more than $3,000 in a few short hours.
The price had been hovering around $35,000 before Mr Musk’s tweet, but within 30 minutes began surging.
After around three hours, Bitcoin hit a peak of $39,360, according to data from CoinDesk.
Bitcoin Price surges after Elon Musk states Tesla will resume BTC payments
Most Bitcoin mining is conducted in China where large amounts of coal are used to fuel the process.
Research into how much renewable energy powers Bitcoin mining is not conclusive.
One study found Bitcoin networks are powered by around 40 percent renewable energy.
However, another found that figure to be over 70 percent due to Hydroelectric generators in Southwest China.
Bitcoin’s price surged over $3,000 following the tweet
In February, Tesla announced it had purchased around $1.5 billion worth of Bitcoin.
To test the market’s liquidity, Mr Musk and Zach Kirkhorn, Tesla’s Chief Financial Officer, sold 10 percent of their Bitcoin holdings and made a profit of more than $100 million.
In a twitter post back in March, Mr Musk reversed his decision to allow Tesla vehicle purchasing using Bitcoin.
He said: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Elon Musk gives update on when Tesla will resume Bitcoin payments
Tesla announced it would suspend Bitcoin payments back in March
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
Here’s what others had to say:
Right lads, I’m going to slate bit coin, get ready to buy……right lads ingoing to praise bitcoin, get ready to sell….
The media including DE are spreading disinformation about Bitcoin and Musks influence once again.
16:45 Bitcoin price trends upwards and continues until around 22:15 when it levels off.
Elon Musk tweets at 18:21
So Elon Musk had nothing to do with the trend whatsoever.
thought anonymous were going to take this plank down last week
Musk isn’t rich enough. He’s playing the crypto market to steal your money. He is one of the most disgusting rich people on the planet.