Elon Musk, the head of Tesla has announced that he would allow Bitcoin transactions after mining commences with cleaner energy. The CEO pushed out a tweet where he wanted BTC miners to use cleaner energy- which would cut emissions by about 50%. The Cambridge for Alternative Finance has already estimated that almost 40% of the crypto mining can be powered by far more renewable sources like hydroelectric.
Musk’s Comments: An Assurance For Bitcoin?
This implies that Elon Musk has still held on to his vision of wider Bitcoin adoption after he went out to criticize the digital currency for exploiting precious non-renewable energy and relying almost entirely on fossil fuels. His tweet led to Bitcoin jumping by about 9% on Sunday, while trading at $39,850 according to Monday reports. Jonathan Cheesman has mentioned that the stance of Tesla’s head seems to be quite feasible and not something that would take a long time to reach.
The head of Institutional Sales at FTX- one of the largest derivatives exchanges for crypto has also stated that the rally is almost underway with the market speculating about a big purchase from MicroStrategy. This would collude well with the G-7 comments on cryptocurrency being far more neutral, thereby enabling them to a future of digital innovation.
Michael Saylor, the CEO of MicroStrategy has become quite a vocal supporter of BTC– has a desire to buy the cryptocurrency- for which he offered a juke-bond worth $500 million from its previous value of $400 million.
Elon Musk has quite derailed Bitcoin and other cryptocurrencies over the last couple of months through his tweets. Back in February, Tesla announced that it had bought BTC worth $1.5 billion, which was a good start to accepting cryptocurrency in its transactions. But it was later suspended over energy consumption concerns.
