Business & Investment

Bitcoin (BTC) soars after Musk says Tesla can accept crypto again

SpaceX Founder and Chief Engineer Elon Musk will speak at the 2020 Satellite Conference and Exhibition in Washington, DC, March 9, 2020.

Win McNamie | Getty Images

Bitcoin prices soared in the state on Sunday evening Tesla CEO Elon Musk Electric car makers said they could re-accept Bitcoin trading in the future.

Bitcoin surged 10.2% to $ 38,903.23 at 11:09 pm EST on Sunday, according to CoinDesk data. Bitcoin has skyrocketed by more than 30% since the beginning of the year, but its current price is well below its April record high of $ 64,829.14.

Those benefits came later Musk said on Sunday that Tesla will resume permitting Bitcoin trading “When there is a reasonable (~ 50%) confirmation of clean energy usage by miners who tend to be positive in the future.”

Tesla stopped buying cars with Bitcoin in mid-May, Citing concerns about the climate impact of cryptocurrency mining.

Cryptocurrency mining requires a lot of energy To fuel powerful computers — Bitcoin mining consumes more energy than the whole country, such as Finland and Belgium. Cambridge Bitcoin Power Consumption Index..

The latest developments give yet another example of a large market move following Tesla’s CEO and billionaire comments.

Hundreds of billions of dollars wiped out of crypto market After Musk tweeted in May that Tesla stopped buying cars using Bitcoin. Musk’s past tweets are also related to stock market movements. So-called meme stock such as GameStop,What Investor of the viral song “Baby Shark”.

Bitcoin under the environmental spotlight

The environmental impact of Bitcoin mining is closely monitored.

Inner Mongolia region of China (major Bitcoin mining hub) as part of Bitcoin crackdown Punishment proposed in late May For companies and individuals involved in digital currency mining.It came later China’s Deputy Prime Minister Liu He said, “We need to crack down on Bitcoin mining.” “Trading behavior” to prevent “individual risk from being transmitted to the social field”.

Elsewhere, the Iranian government announced in May Prohibit mining of Bitcoin and other cryptocurrencies Until September 22, after authorities said the power outages in the country’s capital, Tehran and several other big cities, were partly due to energy-intensive activities.

— CNBC’s Arjun Kharpal and Natasha Turak contributed to this report.

Bitcoin (BTC) soars after Musk says Tesla can accept crypto again Bitcoin (BTC) soars after Musk says Tesla can accept crypto again

Back to top button