Elon Musk’s tweet pushes Bitcoin prices up again

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Bitcoin, the world’s well-known cryptocurrency, crossed $39,095 mark as it resumes bullish trend after Tesla chief Elon Musk on Sunday hinted that electric vehicle manufacturer could again start accepting the digital currency.

Bitcoin surged 9% in the last 24 hours as it stood at $34,880 level in early trading on Sunday, international media reported.

The leading cryptocurrency has witnessed more than 30% growth since the start of the year despite it suffered some wild sessions. It touched an all-time high of $64,829 in April and also dropped to $30,000 on May 19 following a 30% intraday crash. However, it later managed to recover 12% the same day and reached $38,205.49.

On Sunday, Musk put out a social media post while giving clarification about allegations of manipulation.

He wrote: “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,” the cryptocurrency enthusiast added.

In mid-May, Tesla stopped accepting Bitcoin transaction due to concerns related to climate change.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a statement.

“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,” it added.

Massive energy is required to run heavy computers for crypto mining. Bitcoin mining consumes more energy than entire countries such as Finland and Belgium, according to the Cambridge Bitcoin Electricity Consumption Index.

Read more: https://pakobserver.net/el-salvador-becomes-worlds-first-country-to-adopt-bicoin-as-legal-tender/

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