Bitcoin’s price rose again after Elon Musk announced that his company Tesla might accept digital currency again as a means of payment, provided that virtual mining took a greener path.
Musk announced that if 50% or more bitcoin mining were done with renewable energy, that would be enough for him to revive the option for people to buy Teslacars with bitcoin again. The electric car maker stopped accepting BTC as a form of payment in May last year after only accepting the Bitcoin payment option for its electric cars for just over 3 months.
Musk’s rationale for his May announcement was his concerns about the excessive amount of fossil fuels needed to generate Bitcoin and the negative impact it has on the environment. 65% of all Bitcoin mining is currently done in China. The country generates most of its electricity the old-fashioned way by burning coal.
Following Elon’s May tweet, the cryptocurrency’s value plummeted from its all-time highs (around $ 63,000) to a low of around $ 33,000 on June 8. After Musk’s latest tweet, the value has now risen, hitting the $ 40,000 mark again.
Musk’s influence on the price of cryptocurrencies can be described as remarkable. Bitcoin soared on the tycoon’s news it could break a barrier. But it was also widely criticized for “manipulating” the world’s most popular digital coin.
Rumors that both Microstrategy CEO Michael Saylor and Tesla CEO Elon Musk have founded a so-called North American Bitcoin Mining Council (BMC), the sole purpose of which is to ensure compliance with renewable energies for bitcoin mining and the transparency of the Promoting energy consumption in the flagship cryptocurrency doesn’t seem entirely right. Apparently the group was led by Saylor and Musk was not there.
It turned out that Musk’s engagement was nothing more than attending an educational talk with a group of North American companies to discuss Bitcoin mining.
Many Bitcoiners watch the (BMC) with suspicion. They see the group as a kind of cartel or as an attempt at “centralized” manipulation.