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Bitcoin takes off to above $39000 after musk says Tesla might accept bitcoin again

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Shivangi Mujumdar Follow


Jun, 14 2021

Jun, 14 2021

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Bitcoin jumped yesterday and went above $39000 after Musk in a tweet said that Tesla might accept bitcoin again and Elon Musk said that Tesla Inc.  will allow transactions in Bitcoin after clean mining is done. The executive said in a tweet that “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions” 


The Cambridge Center for Alternative Finance has assessed that 39% of crypto mining is motorized by renewable sources, mostly hydroelectric. It displays that Musk still sees an upcoming for wider Bitcoin implementation after he examined the digital currency for being an energy hog and to depend too much on fossil fuels. 


MicroStrategy Inc, chief executive officer Michael Saylor has become a vocal Bitcoin evangelist, and last week announced a junk-bond offering for the drives of buying the cryptocurrency to $500 million from $400 million. 


Musk’s post on Sunday was in the account of a report in Coin Telegraph, which quoted Magda Wierzycka, supervisory chair of South African asset manager Synia. As said, Musk's recent tweets on Bitcoin should have encouraged an investigation by the U.S. Securities and Exchange Commission. 


Musk has whipsawed Bitcoin and other digital marks in the past few months. In February, Tesla announced it had bought $1.5bn in Bitcoin and signalled its determination to start accepting Bitcoin as payment for vehicles. Musk tweeted on March that- “you can now buy a Tesla with Bitcoin,” only to be expressed in May that the application was suspended due to worries for fossil-fuel usage for Bitcoin mining. Due to this, it fell more than 10 per cent after that tweet. 


Bitcoin goes down by $50,000 as Musk calls energy usage. The U-turn by one of crypto’s loudest supporters took investors by surprise and sent prices tumbling. Musk does not leave with the tag of the world’s richest or even second-richest person. Tesla chief Elon Musk lost his ad as the world’s second-richest person on the Bloomberg Billionaires Index. ? 

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Shivangi Mujumdar

CBW - External Analyst


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