Musk has pushed Bitcoin to near USD 40,000, indicating that Tesla may be able to use it again.


Musk has pushed Bitcoin

Following tweets from Tesla CEO Elon Musk, who fended off accusations over his market impact by saying Tesla sold bitcoin but may resume transactions using it, bitcoin surged to just shy of $40,000 on Monday.

New York, NY: Since Tesla revealed a $1.5 billion bitcoin acquisition in February and indicated it would accept bitcoin as payment, bitcoin has gyrated to Musk's views for months. He then stated that Tesla would not accept bitcoin because of concerns about how mining the money consumes a lot of energy and contributes to climate change.

“Tesla will restart permitting Bitcoin transactions when there is confirmation of fair (50 percent ) clean energy usage by miners with a favorable future trend,” Musk stated on Twitter on Sunday.

Following that remark, bitcoin surged almost 9%, breaking above its 20-day moving average.

In Asia, it climbed even higher, reaching $39,838.92.

“Musk's statements pushed bitcoin higher,” said Simon Peters, an eToro market analyst. It was last up 0.5 percent at $39,189, attempting to break free from the month's very narrow trading range.

Bitcoin has gained nearly a third of its value this year, but it has fallen from a record high above $60,000 due to a governmental crackdown in China and Musk's waning enthusiasm for it. Since the corporation bought bitcoin, Telsa's stock has dropped by around 30%.

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