256 Interactions, 4 today
The price suddenly increased by $2,000
Today, Elon Musk sent out another vague tweet about Bitcoin, sending the price up by about $2,000.
Musk tweeted at 3:42 p.m. Eastern, “Spoke with North American Bitcoin miners,” “They agreed to publish actual and scheduled renewable use and to ask miners WW to do the same. Perhaps promising.”
As for all of Musk’s tweets, it had an obvious and important effect on the crypto markets—by 3:57pm, Bitcoin’s price had risen from about $38,000 to over $40,000.
Michael Saylor, CEO of MicroStrategy and ardent Bitcoin supporter, said he led a meeting yesterday with Musk and Bitcoin mining companies such as Argo and Hut 8. He also said that these miners “have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide,” but it is unclear precisely what that means.
Peter Wall, the CEO of Argo, confirmed that Argo has joined the newly formed “Bitcoin Mining Council.”
Tesla put $1.5 billion in Bitcoin on its balance sheet in February and announced that it would begin accepting BTC as payment for its vehicles. Musk revealed earlier this month that Tesla would no longer allow Bitcoin due to environmental issues.
It remains to be seen if Saylor’s “Bitcoin Mining Council” will do something about Bitcoin’s environment effect. But it’s clear that it’s already having an impact on Musk—and, as a result, the Bitcoin sector.