Bitcoin Rises After Elon Musk Says Tesla To Accept BTC Again

Bitcoin Rises After Elon Musk Says
  • Elon Musk shared that Tesla might reinstate Bitcoin payments.
  • The news caused the top crypto to rebound above $30,000.
  • Also, Musk shared that he personally along with Tesla and SpaceX still hold BTC.

Top cryptocurrency, Bitcoin (BTC), has surged since Elon Musk disclosed that Tesla is “most likely” to reconsider accepting BTC payments. Notably, BTC is up 0.3% since Musk shared this news. 

Tesla CEO and billionaire Elon Musk shared this at the recent B Word cryptocurrency conference,

 “Most likely the answer is that Tesla would resume accepting Bitcoin…I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin.”

To aid in tracing BTC energy use Musk, MicroStrategy boss Micheal Saylor, and several North American BTC miners formed the Bitcoin Mining Council. Notably, the council was formed after the May market crash.

Prior to this, BTC slumped below $30 000 for the first time since attaining its $64,804.72 all-time high in April. In fact, Bitcoin started to tumble in mid-May after Elon Musk announced that Tesla would no longer be accepting BTC payments. The Tesla boss cited high energy consumption and general environmental concerns as the reason for the decision. 

However, critics of the BTC payment suspension pointed out that Tesla builds energy powered cars. As such, the decision to suspend BTC payments, for this reason, is hypocritical.

Equally, some Tesla investors and environmentalists had slammed Tesla’s decision to accept BTC payments in the first place. Perhaps this might be why the decision only lasted a couple of months before being reversed.

The news along with FUD caused by the Chinese government triggered a massive crpypto market crash. In addition, the market is yet to recover as most cryptos continue trading about 50% below their pre-crash prices.

The decision made Musk the most hated man in crypto. AAfter critics called him a troll Musk shared that he, along with both Tesla and SpaceX still hold BTC. In addition, Musk revealed that he also holds Ethereum and Dogecoin.

At the same time, Musk also addressed accusations that he manipulates the crypto markets. This is because when Musk tweets about any crypto it usually leads to a price surge. This effect has been most noticeable with DOGE and BTC. In fact, Musk recently caused DOGE price to spike after tweeting that his son is still hodling his DOGE.

In line with this, Musk stated that he might pump crypto prices but he does not dump. The billionaire added, “I definitely do not believe in getting the price high and selling… I would like to see Bitcoin succeed.” At the time of writing, BTC is trading at $32,284.60

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