The price of Bitcoin rose on Sunday afternoon and continues today, after the new statements of Musk on Twitter regarding the largest crypto currency.
Tesla CEO Elon Musk posted on his personal twitter account that his carmaker could once again accept Bitcoin as a medium of exchange – sometime in the future – provided that certain conditions are met. In particular, in order to make this scenario feasible, the viability and sustainability of Bitcoin in terms of its mining must first be ensured.
According to CNBC, on Sunday, shortly after Musk’s statements, Bitcoin jumped 10.2%, again reaching almost $40.000. Since the beginning of the year, bitcoin has grown by more than 30%. Its current price, however, is far from the all-time high – $64.829 – it reached last April.
These gains came after Musk announced on Sunday that Tesla was willing to resume bitcoin trading “as soon as there is confirmation of a reasonable (~ 50%) use of clean energy by those who mine with a positive future trend.”
Indeed, the environmental impact of bitcoin mining has been of great concern to the authorities lately. As part of tougher measures on bitcoin mining, a major bitcoin mining hub in China, specifically in Mongolia – in late May proposed penalties for companies and individuals involved in digital currency mining. The Chinese vice president even said that it was necessary to “completely eliminate Bitcoin mining” in order to avoid the scenario, citizens have to face such a big risk and dilemma whether or not to deal with this market.
The Iranian government announced in May a ban on mining not only the digital asset but also other cryptocurrencies until September 22nd, after officials said power outages in the country’s capital, Tehran, and several other major cities were due to partly in energy activity.