Elon Musk Did it again The Tesla CEO said he wants bitcoin to be successful and the world’s largest cryptocurrency surpassed $32,000 on July 22. Musk said he’s the boss Bitcoin, Dogecoin and Ethereum participated in a bitcoin event called ‘The Bee Word’ on Thursday. He was quoted as saying that outside of his Tesla and SpaceX shares, cryptocurrency Builds his biggest holdings. “Outside of Tesla and SpaceX stock, this is my largest holding,” Musk said. Musk was speaking at the event along with Twitter CEO, Jack Dorsey, and Arch Invest, CEO Kathy Wood.
He also added that Tesla will most likely start accepting cryptocurrency payments again once the company has worked hard enough to use renewable energy. He clarified that he is not selling any bitcoins, but if the price of the crypto coin falls, he will lose money. Musk said, “If the price of bitcoin falls, I lose money. I can pump, but I don’t dump.” He added that he wants to see bitcoin succeed because he doesn’t have Dogecoin or Ether. There is more bitcoin than that.
Speaking about Tesla accepting bitcoin as a form of payment again, the tech titan said, “I wanted a little more diligence to confirm that the percentage of renewable energy use is likely to be 50 percent or more.” And it has a tendency to increase that number, and if so, Tesla will start accepting bitcoin again.” In recent times, more and more crypto miners have taken to mining these digital assets with renewable energy, as the traditional method requires a large amount of electricity.
“The most likely scenario is that Tesla will resume accepting bitcoin,” Musk said, indicating that the way forward is for the crypto company in the coming days.
Bitcoin is up almost 8% since his statement at the event. At the time of writing this article, the coin market cap price is $32,010.52. This shows an increase of 7.35 percent in the last 24 hours. On the other hand, the prices have declined by 2.18 per cent during the week. Ethereum and Dogecoin are also seeing a similar trend in the market. Ethereum is currently trading at $1,972.42 with a gain of 9.89 percent over the past 24 hours and a decline of 0.63 percent during the week. Dogecoin also saw an increase of 7.80 percent, which was priced at $0.1882.
He added that hydroelectric, geothermal and nuclear energy can all be good sources of electricity for bitcoin mining.
“The crypto market saw a rally in the last 24 hours after almost seven days of continuous selloff. This is nothing short of a spectacular turnaround for the major cryptocurrency. The reversal of the trend should be taking many investors in a sigh of relief. It bounced back from its critical support level and jumped back up,” said Edul Patel, CEO and Co-Founder of global crypto trading platform, Mudrex.
Patel said, “It may be tempting for new crypto traders to jump into the markets now. However, we are not in a bull market yet. We are only seeing a reversal, and continued buying pressure will decide whether this momentum is sustained or not. No. If the buying momentum continues, the trading volume will increase, and this will pull the entire crypto market up.”
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