Business News

Elon Musk has bought 10% of Tesla's bitcoins and can settle for the cryptocurrency once more when it's greener

The optimistic statements of the CEO of Tesla caused the price of Bitcoin to rise and confirmed Elon Musk's influence in the world of cryptocurrencies.

Expand your business,
Not your inbox

Stay informed and subscribe to our daily newsletter now!

June
14, 2021

Read for 3 minutes

This article was translated from our Spanish edition using AI technologies. Errors can occur because of this process.

Elon Musk has once again proven that his word weighs heavily in the crypto arena. This time, the tycoon stated that his company Tesla has sold about 10% of its bitcoins and that he will accept them again as payment if there is a more greener way to mine them, resulting in an immediate price spike.

Related: A Bad Idea for El Salvador to Accept Bitcoin as Legal Currency, IMF Warnings

It all started when Musk responded to a tweet accusing him of manipulating the price of Bitcoin.

“That is inaccurate. Tesla has only sold about 10% of its holdings to confirm that BTC could easily be liquidated without moving the market, ”the Tesla CEO wrote on Twitter at 12:42 pm. on Sunday (GMT -5, central Mexico time).

"If there is confirmation of adequate clean energy consumption (~ 50%) by miners with positive future trends, Tesla will allow Bitcoin transactions again," he added.

This is imprecise. Tesla only sold ~ 10% of its holdings to confirm that BTC could easily be liquidated without moving the market.

If the confirmation of reasonable (~ 50%) clean energy consumption is confirmed by miners with a positive future trend, Tesla will allow Bitcoin transactions again.

– Elon Musk (@elonmusk) June 13, 2021

According to the billionaire's testimony, Bitcoin entered an upward phase within minutes, culminating at 9:29 a.m. (GMT-5) this Monday when the cryptocurrency hit $ 40,971 per unit, according to CoinMarketCap.

That morning, before Musk's tweet, Bitcoin was trading at $ 35,843 per token, meaning it was up a little over 14% in 24 hours.

Source: CoinMarketCap.com.

Elon Musk, Tesla and Bitcoin: a complicated relationship

In February 2021, Elon Musk confirmed that Tesla, its electric vehicle company, had purchased $ 1.5 billion worth of Bitcoin. That makes it the second largest BTC owner in the world, just behind MicroStrategy, a company that offers data software.

Similar: does Elon Musk have a new enemy? Binance CEO mocks him for Tesla Bitcoins

Not long after, Musk announced on Twitter that Tesla would accept Bitcoin as a form of payment, but in May he pulled back, citing environmental concerns about the large amount of energy required to mine Bitcoin. Although Tesla stressed that Tesla would not sell its tokens, the statement caused the price of the cryptocurrency to drop more than 10%.

However, a few weeks later, the businessman launched another tweet that showed his optimism about Bitcoin and gave him another boost.

"I spoke to the North American bitcoin miners. They are committed to making the current and planned use of renewable energy public and encouraging miners around the world to do so. Potentially promising," tweeted Elon Musk.

Now all we have to do is wait for Elon Musk's next move and see how he continues to move millions of dollars in just a few words on Twitter.

Related: A tweet from Elon Musk caused Bitcoin to collapse and this new tweet picked it up in minutes. Can we talk about the "Musk Effect" now?

Related Articles