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Musk’s latest tweet about allowing Teslen’s Bitcoin transactions raised the currency by almost 10%.
Tesla Inc. CEO Elon Musk has posted a tweet that electric carmakers will begin accepting Bitcoin transactions as miners who verify transactions use more renewable energy.
“When there is an assertion that miners with a positive future trend use sensible (~ 50 percent) clean energy, Tesla will begin accepting Bitcoin transactions,” he said in a tweet on Sunday.
Bitcoin rose 9.8 percent on Sunday to $ 39,035.47, adding $ 3,492.71 to the previous close.
Musk’s message was in response to a report on Cointelegraph, citing Magda Wierzycka, executive chairman of South Africa’s asset manager Sygnia, who said Musk’s recent tweets on Bitcoin should prompt an investigation by the U.S. Securities and Exchange Commission.
Bitcoin, the world’s largest and most popular cryptocurrency, rose 40.7 percent from its $ 27,734 annual low on January 4 to about $ 38,881 on Monday in Hong Kong from 7:00 a.m. (23:00 GMT on Sunday).
Ether, the currency linked to the ethereum blockchain network, rose 7 percent to $ 2,532.77 on Sunday, adding $ 165.77 for the previous close.
Musk said Tesla sold about 10 percent of the holdings to confirm that Bitcoin could be easily liquidated without moving the market.
‘Positive moment’
“The tweet has given a positive impetus because Elon’s stance is far away and it seems to be delivering a goal that is not far off,” said Jonathan Cheesman, head of FTX’s non-sales and institutional sales in exchange for cryptocurrency derivatives. “The rally was already underway because the market is speculating about the upcoming purchase of MicroStrategy and comments on the G-7 crypto are neutral, optimistic about digital innovation as well.”
MicroStrategy Inc., its CEO Michael Saylor, has become the voice of the Bitcoin evangelist, with the goal of buying a cryptocurrency link that last week boosted the cryptocurrency offering from $ 500 million to $ 500 million.
Musk has seen Bitcoin and other digital tokens in recent months. In February, Tesla announced that it had bought $ 1.5 billion in Bitcoin and stated its intention to start accepting Bitcoin as a vehicle payment. In March, Musk tweeted “you can buy Tesla with Bitcoin now” in May, only to say that the practice was discontinued regarding the use of fossil fuels for Bitcoin mining and transactions. Bitcoin has fallen more than 10 percent after that tweet.
The U-turn has been controversial, Wierzycka reported, in part because the movements of Tesla and Musk have had a significant impact on the price of bitcoin. There are other issues as well, including the adoption and diversification of organizations on the positive side, sustainability and negative regulatory concerns, a Musk tweet can change the momentum and dominate the narrative in days or weeks.
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