Bitcoin is the main cryptocurrency, and the first on the market, with a record value a few months ago, which exceeded 60 thousand dollars. And many of the recent rises and falls of the currency are due to Elon Musk, who has been talking a lot in this market in recent months, good and bad.
A few months ago, it boosted the currency when it decided that Tesla would accept cryptocurrencies to buy its automobiles, and the company invested several million dollars in the currency. However, a short time later Elon Musk backtracked, ordering Tesla to stop accepting the cryptocurrency due to environmental concerns. But this weekend is again showing signs of acceptance if miners reach 50% clean energy in currency mining.
Musk was reacting to comments by Magda Wierzycka, CEO of Sygnia, who said Musk’s tweets about bitcoin prices were “market manipulation” and should have triggered an investigation by the US Securities and Exchange Commission.
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 trends, Tesla will summarize allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
Tesla revealed in an SEC document in February that it had purchased $1.5 billion worth of bitcoin and said it would begin accepting bitcoin as a payment method for its products.
However, the electric car maker suspended purchases of bitcoin cars in mid-May due to concerns over how mining cryptocurrencies, which requires powerful computer banks, contributes to climate change.
“We are concerned about the rapidly increasing use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel,” Musk said in May.
On Sunday, Musk challenged Wierzycka’s allegations of market manipulation, explaining, “Tesla sold about 10 percent of its bitcoin stakes” to confirm that BTC could be liquidated easily without moving the market,” he said. During the first quarter, Tesla sold $272 million of “digital assets,” which helped it reduce operating losses by $101 million, the company revealed in its financial results.
Musk’s comments on social media about the cryptocurrency often make prices soar or fall.
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