Elon Musk clarification boosts Bitcoin above $39,000

By: Bharggavi Ssayee

Elon Musk clarification boosts Bitcoin above $39,000

June 14, 2021 9:10 AM

Bitcoin's price is up 9% to almost $ 39,000. BTC executioner Elon Musk is opening up a prospect for crypto.


It's undeniable. Elon Musk, CEO of Tesla, has a certain weight on the price of cryptocurrencies, in particular Bitcoin and Dogecoin. The billionaire was crashing the price of BTC by announcing the end of Tesla's purchases of BTC.


However, the leader can also have an upward effect on the value of the first cryptocurrency. Musk was giving a preview this weekend, via a tweet, as usual.


Tesla will be able to accept Bitcoin again

Accused of price manipulation by the CEO of Sygnia, Magda Wierzycka, Elon Musk denied. More importantly, the boss of Tesla was announcing an encouraging future prospect for the value of the cryptocurrency.


The leader does not rule out that Bitcoin could once again be accepted by the automaker as a means of payment. And it even sets relatively precise conditions for such a scenario. Which ?


Miners will need to use a minimum of 50% renewable energy in their Bitcoin mining activities. "Once there is confirmation of reasonable (~ 50%) use of clean energy by miners with a positive trend for the future, Tesla will resume allowing Bitcoin transactions," the billionaire said.


This announcement was very favorably received by investors. Indeed, the price of BTC has recorded an increase of almost 9% over the last 24 hours. After the tweet, the cryptoasset broke through resistance at $ 35-36K.


BTC price sensitive to Musk's tweets

On June 14, Bitcoin is now flirting with $ 39,000. He could tackle the $ 40,000 resistance again. However, this will be difficult to cross, at least permanently. The transformation of the mining industry will take time.


This is the mission of the Bitcoin Mining Council, a group of North American miners. Michael Saylor describes it as “a voluntary and open forum of Bitcoin miners committed to the network and its fundamentals. "


“We encourage transparency, share best practices and educate the public on the benefits of Bitcoin and Bitcoin mining,” he continues. In particular, the Mining Council wants to promote the exploitation of green energies.