Musk’s mood swing: Tesla will readopt Bitcoin once it’s green
After discontinuing Tesla’s Bitcoin transactions barely a month ago, Musk has announced a return to the crypto once it is 50% green
Just a month ago, on May 13, Musk had karate-chopped bitcoin’s price to below $35k levels after announcing Tesla to discontinue Bitcoin transactions due to environmental concerns.. Crypto traders and Bitcoin holders have since watched the impact of the billionaire’s tweets with great anticipation, since his opinions on Doge, Ethereum and Bitcoin were immediate indicators on how the market would turn.
The newest tweet of the space entrepreneur has sent Bitcoin up above the $40k mark within a single day, a difference of $5,000. After hinting towards Doge or Ethereum adoption for Tesla in the past few weeks, Musk has now suggested a return to Bitcoin. His only condition: Mining needs to become 50% green.
According to Coindesk, this goal is difficult to measure, as there is not real data on which type of energy Bitcoin uses. However, there is optimism for Bitcoin fans to be found here, as the development coincides with mass adoption in Latin America and optimistic trends in the US.
In El Salvador, the latest nation to adopt Bitcoin as legal tender, the only country to make such a move aside of Japan, mining is fuelled by green volcanic energy.
Which crypto will ultimately turn out as Musk’s favourite will remain to be seen, as he recently announced optimization efforts for Dogecoin, including a bridge between the meme blockchain and Ethereum, which has also driven their prices up respectively.
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