For all those who do not know, Elon Musk is an eccentric billionaire and serial entrepreneur who has a keen interest in highly ambitious ventures such as Tesla, SpaceX, and The Boring Company. By now, it seems every time the founder of Tesla and SpaceX tweets, the world stops and takes notice. If you are a cryptocurrency investor, you probably hold your breath every time he does. Because apparently, Elon's tweets can and has sent Bitcoin's prices through the roof, and come tumbling down...all with a single tweet. Jokes aside, Elon Musk has an undeniable influence on cryptocurrency, mainly because of his very famous and very profitable technology companies that seem to be made for the future. And since cryptocurrency is widely considered to be the future of digital payments, all it takes is a tweet from the CEO of Tesla to shake the crypto world. For more news and the latest updates on all things related to cryptocurrency, log on to the Bitcoin Profitapp.
All those who are even remotely interested in cryptocurrency saw the impact of Elon's influence not too long ago when a single tweet sent Bitcoin's prices soaring. A month later, another tweet that stated Tesla would no longer be accepting Bitcoin as payment for its cars caused a significant dip in the coin's price. But, is the volatility of the crypto market caused due to Elon's tweets? While there are many factors that end up impacting the prices of Bitcoin, these tweets are certainly one of them.
So, it came as no surprise that a tweet on cryptocurrencies recently by Elon had many investors hold their breath, and for good reason. This time around, Elon seems to have taken a similar approach as with his previous stance as in, that he is supporting crypto, but is looking forward to miners using a greener approach towards mining cryptocurrencies. In his latest tweet, the billionaire once again stated that he was in support of cryptocurrency and of its miners and would like to help cryptocurrency miners in making their processes greener and safer. Once again, the nod from Elon sent Bitcoin's pricing soaring with a jump of almost 19%, the highest in weeks.
While Elon's recent tweet did help bump up the market price of Bitcoin, allowing it to retain its 300% higher market price as compared to last year, it is still 30% below its market value from a few months ago. So, it's safe to say that questioning the environmental impact that cryptocurrencies have played a role in the rise and fall of Bitcoin's prices. For now, the recent tweet by Elon has created quite a stir in the crypto space, with many looking at Elon's change of mind as an indicator of things to come. Basically, if Elon endorses or criticizes any form of crypto, that currency is going to have a massive swing upward or downward.
However, there have also been those who have openly criticized the move by Elon over the past few months where the billionaire's tweets have resulted in the rise and fall, and again rise in Bitcoin's price. Some have also called out Elon Musk for price manipulation which has become one of the main concerns of Bitcoin investors. While whether or not that happened is still debatable, the truth is that Tesla's owner has shown interest in cryptocurrency and its future, and has confirmed that the company would once again accept Bitcoin transactions if there is a confirmation of reasonable clean energy usage by cryptocurrency miners, and by that, he means dropping the carbon footprint of crypto mining by at least 50%.