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    Baxia Markets
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    June 14, 2021

    Bitcoin Jumps 13%, Trading Above $40,000

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    Tesla CEO Elon Musk tweeted yesterday afternoon in response to a CoinTelegraph report: “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving the market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions”. In the report, Elon Musk was accused of “Bitcoin pump and dump.”

     

     

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    Elon’s tweet mainly caught people’s attention with him saying Tesla might accept Bitcoin as payment again. However, it is nearly impossible to confirm that Bitcoin uses “above 50% clean energy” as we cannot simply trace electricity to their sources. Therefore, an energy burden created by mining Bitcoin has to be carried by someone at some place. Nonetheless, Elon Musk’s tweets still have the magic power to shake the entire crypto market as we speak.

     

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