Elon Musk has been ridiculed for having a bad influence on the crypto market, and he was also referred to as the main reason why the May 2021 crypto crash happened. Sure there are other factors at play too, but his statement regarding how Bitcoin is causing the environment a great deal of damage through mining while using fossil fuels is the main reason why things escalated into a crypto crash.
This was not the end of it as even all that time, the crypto market has not been able to fully rebound, and Bitcoin is still trying very hard, staying closer to $38k and regaining its lost status is another subject.
But Elon Musk has come around Bitcoin once again through a series of tweets regarding how Tesla is thinking about giving Bitcoin a second chance but under a condition. This is a huge step. It seems that it will make things right with Bitcoin’s price once again if Tesla allows Bitcoin transactions.
Anonymous has also criticized Elon Musk a lot regarding his influence on the crypto market, and it’s very bad. The video sent shockwaves to the whole crypto market, and Musk has also confirmed that he has personally seen the video.
Tesla will Allow Bitcoin Transactions once again after 50% Renewable Energy is Used for Bitcoin Mining
It could be due to the warning that Musk received from Anonymous that he is backing down from issuing any new tweets regarding cryptocurrency. It has been over a week since any new tweet came from Musk mentioning cryptocurrency, and he is the person who used to tweet about cryptocurrency on a regular basis.
Anyway, the recent news about Tesla once again allowing Bitcoin payment might also be due to the Anonymous video and them criticizing Musk, but nothing can be said for sure. Anyway, the condition that Tesla has put forward entails that about 50% of the Bitcoin mining be done using renewable energy resources. If it is done, Tesla will allow Bitcoin transactions.
Musk issued this tweet as a reply to the CEO of Sygnia criticizing Musk for pumping and dumping the value of Bitcoin for his own good. According to Elon Musk, Tesla did only sell about 10% of their original Bitcoin stash to prove that the asset can be liquidated without putting the crypto market in danger.