July 11, 2021

Elon Musk and Acceptance Bitcoin as A Payment Method!

Bitcoin is considered the utmost robust version of cash that we ever had. The prominent reason behind the fact is the perceived strong stouts of bitcoin. The cryptocurrency king is subjected to multiple unique characters; however, despite these features, the cryptocurrency is exceedingly volatile. Crypto enthusiasts have witnessed the character of bitcoin in the last few weeks as the cryptocurrency bitcoin struggled a lot.

The recent crypto market crash surged down the bitcoin value in an exceedingly robust manner, and the crypto enthusiast to see bitcoin hit $40000 again after the downfall. You can check out websites like bitcoin lifestyle for getting productive results in your bitcoin expedition. However, on the 14th of June, bitcoin almost halted the desired milestone; the primary reason behind the fact is Elon Musk’s tweet. Below mentioned is everything you need to know about the tweet of Elon Musk; let’s have a look.

Tweet of Elon Musk

Elon Musk is the co-founder of tesla motors and the space X organization. Tesla Motors is an electric automobile company, primarily cars. Elon Musk was subjected to tons of undefined allegations for operating the bitcoin from his Twitter handle; all the more, he was blamed as one of the primary reasons for the bitcoin market crash.

However, the recent tweet of Elon musk did incline the value of bitcoin and other cryptocurrencies. The core notion of the tweet was in the motion of accreting bitcoin again as a payment method in the tesla motors.

On the 13th of May, Elon Musk stunned every participant of the crypto industry by tweeting the suspension of Bitcoin as a method of payment. The tweet made bitcoin go through the weekend route. The tweet declined the bitcoin value by 50% and after the tweet, China announced the crypto crackdown, which has led to the bitcoin carnage in the industry.

The prominent reason behind the announcement of not accepting this cryptocurrency as a payment option in tesla motors was the exceeding energy consumption of the bitcoin mining progression. He stated that bitcoin is an optimistic future, but the coal emission in crypto mining is just vulnerable.

After the tweet, he confronted tons of critics recently. On the 14th of June, he replied to one tweet by tweeting that at the instance of reasonable clean energy utilization by the individual mining bitcoin subjected with a much more optimistic forthcoming years, the organization will resume taking it as a payment option.

Like other incidents after Elon Musk’s tweets in favor of bitcoin, the recent tweet of Elon musk correspondingly inclined the value of bitcoin by almost 5%. Bitcoin was traded at 37500 dollars after the tweet of Elon musk. In a nutshell, the price of bitcoin was inclined by almost 1900 dollars after the tweet, and the momentum is not considered as a short-term game. According to proficient analysts and researchers, the value of bitcoin is now expected to rise after the market crash.

Is Elon Musk Really Manipulating The Value Of Bitcoin?

Elon is ideal for millions of people. All the more, he is one of the significant players of the market to be existing at the instance as the organization of tesla motors has had invested 1.5 billion dollars in bitcoin in the month of February. The tweets of Elon musk actually do influence the value of bitcoin; the influence is intentional or unintentional is not cleared yet, but there is a massive impact of Elon musk’s statement on the value of bitcoin.

The prime tweet of Elon Musk regarding the cryptocurrency industry was the statement of investing 1.5 billion dollars in the cryptocurrency; subsequent to the progression, he tweeted to invest in bitcoin, and later, he blazed the trail of accepting bitcoin.

All of these tweets towered the value of bitcoin in the midst of April, and bitcoin halted the value of $65000 on the 13th of April. These all tweets were in favor of bitcoin. However, the tweet not in favor of bitcoin surged down the bitcoin value to an exceeding extent.

About the author 

Peter Hatch

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