Bitcoin recently suffered a huge price plunge falling as low as $30,000. Tesla also put a stop to the use of Bitcoin as a means of payment for its electric vehicles and this has been one of the major reasons for the cryptocurrency’s price fall.
On Monday, the price of Bitcoin went up 4 percent after Elon Musk tweeted that he was having discussions with miners about the sustainability of Bitcoin. Elon Musk is known for his controversial tweet and how they can influence the crypto market causing prices to either soar or plummet. The Tesla boss is also known for his self-given titles of Technoking and Dogefather.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
— Elon Musk (@elonmusk) May 24, 2021
Before Elon Musk’s tweet that was shared at about 3:42 p.m. ET, Bitcoin was trading for $38,074 according to Coindesk. Elon Musk’s tweet read, “Spoke with North American Bitcoin miners. They committed to publish current and planned renewable usage and ask miners WW to do so. Potentially promising”. Just minutes after the billionaire and second world’s richest man made this tweet, the price of Bitcoin rose above $39,500. As at the time this happened, Bitcoin was up almost 20 percent in the past 24 hours.
Elon Musk tweets and Bitcoin instantly rises by 2000$. This guy has way too much influence and that’s bad for the decentralised world that crypto is creating… pic.twitter.com/v2tt9ACtx4
— Davidescu Vladimir (@v_davidescu) May 24, 2021
Few days ago, Elon Musk tweeted his concerns over how Bitcoin was mined. The environmentalist and Technoking expressed his concerns on how the process of mining Bitcoin was detrimental. He said that because of this, his electric vehicle company Tesla would stop accepting Bitcoin as a means of payment until a more sustainable method of mining Bitcoin appears.
Michael Saylor; the CEO of Microstrategy revealed after Elon Musk’s tweet that he held a meeting with the Tesla CEO and some Bitcoin miners, and that the end result of this meeting was the formation of the Bitcoin Mining Council. The main aim of the newly-formed council is ensuring that Bitcoin is mined in a sustainable way.