This positive note from him has again altered the market, with the price of Bitcoin going past $38,000 across most exchanges in the early hours of Monday. Earlier, Musk revealed Tesla dumping Bitcoin because of its extensive power consumption.
Elon Musk, Tesla and Bitcoin
Cointelegraph on Sunday posted an article – a criticism note from Magda Wierzycka, CEO of a South African financial services company called Sygnia. Wierzycka in an interview with Bruce Whitefield of the Money Show, criticized Elon Musk for his manipulative social media behavior that’s affecting the markets. Musk has lately been tweeting his personal opinions about various cryptocurrencies, and ultimately becoming a reason for market’s volatility. Wierzycka said Musk should have been investigated by SEC if Bitcoin was a public company, and should be since he’s playing with people’s lives. “This is inaccurate,” Musk responded to Cointelegraph’s report, and said “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 Further, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” This assurance from Musk relieved many, as most of the mutual fans of Tesla and Bitcoin were saddened by previous announcement, where Musk cut off Bitcoin payments to Tesla. This shook the whole market, hitting Bitcoin prices below $30,000. Also, he skyrocketed the prices of Dogecoin, Cumrocket and others in a similar fashion. Now, a positive note on Bitcoin spiked the price up by 8%, to above $38,000.
