September 8, 2021
Comments Off on Tesla’s CEO Change of Mind Fails to Apply Brakes on Bitcoin’s Bull Run
By September fifth, BTC (Bitcoin) had closed with at least 51,000 dollars. This was after going beyond the do-or-die 51,000 dollars resistance threshold.
How it Started
Bitcoin is a cryptocurrency that has been dominating the crypto space for years. Recently, it hit its highest mark four months ago. This is when Tesla’s Chief Executive Officer, Elon Musk, went ahead. After which he made the legendary announcement of BTC payment suspension. The e-car company did away with Bitcoin transactions due to some environmental issues.
According to a tweet on Elon’s Twitter account on May 13th, he said that motor purchase deals got suspended. He cited concerns about the rapid increase of fossil fuel usage. He especially kept on dealing with BTC mines and transactions. Digital currency is an awesome ideology in most cases since it’s promising. He added to say that digital transactions can’t pop in with huge costs to the environment. It was clear enough that the e-car company wasn’t ready to get involved any time soon. In fact, the company was looking forward to employing less than 1 % of BTC’s power for each transaction.
Above 14 % in 24 Hours
Bitcoin’s pricing dived at least 14% in one day. This notable change followed after the announcement which came with much flak. Stuff got worse for the cryptocurrency as a result of Tesla’s influence. Along with that the ongoing crackdown in various countries like China. The dominant digital currency was able to talk about forty percent within 7 days. This resulted in an ultimate bottom of 30,000 dollars. In the month of June 2021, BTC ultimately bottomed at least 28,500 dollars. In the month of July, things started to take a different turn. The popular digital currency marked a score of ten consecutive green candles in 9 days.
BTC has been able to cut through the 51,000 dollars mark. It remains unpredictable whether bulls will be able to turn the resistance into a boost.
Musk is a BTC Supporter
Most people may think that Tesla is showing irrelevancy in the crypto space. Elon may become somewhat responsible especially in the current recovery process. Elon had made a reaffirmation of his Bitcoin’s support during the ‘The B Word’ event. He showed interest in owning 3 cryptocurrencies, that is, the BTC, Ether, and Dogecoin.
He wasn’t ready to dump BTC since he desired to see the digital currency succeed in the coming days. In one of his statements, Elon cited that the BTC pricing may pull down resulting in his financial loss. He added that he may pump money into the crypto business but he isn’t ready to dump it. Some reports stated that Tesla was more likely to restore its crypto plans. And sooner or later the company is likely to accept the Bitcoin payments.