Bitcoin price rises after Elon Musk’s tweet about energy consumption


The price of bitcoin jumped about 4% on Monday afternoon after Tesla CEO Elon Musk tweeted that he had active discussions about the sustainability of the digital coin.

Bitcoin was trading around $ 38,074, according to Coindesk, when at around 3:42 p.m. ET Musk posted on Twitter: “Spoke with North American Bitcoin miners. They have committed to release current renewable use and planned and ask WW miners to do so. Potentially promising. “

Within minutes, the price had climbed to over $ 39,500. Overall, the coin has grown over 17% in the past 24 hours.

Microstrategy CEO Michael Saylor followed up on Musk’s tweet, saying he had arranged a meeting between Tesla CEO and some Bitcoin miners which led to the formation of the Bitcoin Mining Council, which will promote sustainability.

Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including bitcoin, on several occasions over the past year. His cryptocurrency tweets and comments often drive prices up or down.

In an SEC filing in February, Tesla revealed that it had purchased $ 1.5 billion worth of bitcoin and would accept it as a method of payment. The company later said it recorded a net gain of $ 101 million on bitcoin sales in the quarter, helping to push its net profits to a record high in the first quarter.

However, his relationship with the digital coin changed earlier this month. He tweeted on May 12 that the company “had suspended vehicle purchases” using bitcoin, out of concern over “the rapid increase in the use of fossil fuels” for bitcoin mining.

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