Bitcoin has not been doing well in terms of its price dropping consistently and not even having to break the 38k resistance. All of this started back in the day when Elon Musk pulled the plug on Bitcoin in one of his tweets mentioning that Tesla will not be supporting Bitcoin-related transactions over an environmental strain that the cryptocurrency puts on the environment. The main issue was Bitcoin mining using fossil fuels and disrupting nature in a bad way by releasing carbon-based emissions.
But as it happens, Tesla might be ready once again to allow Bitcoin transactions but over a condition that feasible proof of Bitcoin miners using at least 50% renewable energy is presented. This is the very condition that Tesla has put out, and when entertained, Bitcoin-related transactions will be back with the e-vehicle company.
Tesla and Bitcoin Back in Action after Arriving at a Specific Settlement
All of it seems a reaction to Magda Wierzycka, who is the CEO of Sygnia, saying that the world has seen one of the most influential and powerful businessmen manipulating the price of Bitcoin for his own good. Replying to her tweet, Musk said that this is not the case as Tesla only liquidated 10% of its original Bitcoin reserves to show the world that Bitcoin can be liquidated without affecting the crypto market. Musk’s tweet elongated, saying that Tesla will re-embrace Bitcoin when the total mining procedure reaches a capacity of using at least 50% renewable energy.
Tesla initially bought Bitcoin back in February, which definitely increased the Bitcoin price and stock value for Tesla’s shares. Everything seemed to be going great, but then Musk came forward with environmental concerns over Bitcoin mining, and Bitcoin’s price was not able to retaliate at all till this very tweet from Musk saying that Tesla might allow Bitcoin transactions once again. Bitcoin and the meme-based cryptocurrency Dogecoin have also seen a great spike in price; it is almost as if the whole crypto market is marching towards stability over one good news regarding Bitcoin and its relation with Musk’s company Tesla.