comscore Bitcoin price jumps after Elon Musk tweets Tesla will accept crypto in future
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Bitcoin price jumps after Elon Musk tweets Tesla will accept crypto in future

Bitcoin Price in India: The value of the Bitcoin rises after Elon Musk tweeted on Sunday that his electric car company Tesla will accept the crypto as payment in future. Read to know more...

Bitcoin

Market cap: $923,017.05M The biggest and one of the oldest cryptocurrencies, Bitcoin was founded in the year 2008. The cryptocurrency came into use in the year 2009. The crypto is the only one to be accepted as a legal tender in a country. Image: Wikimedia Commons


Bitcoin price jumps again after being at all time low the whole of last week. The value of the cryptocurrency rises after Tesla CEO Elon Musk tweeted on Sunday that his electric car company will accept Bitcoin as payment method in future, but there’s a condition to it. Musk said that Tesla will resume bitcoin transactions when miners use more renewable energy. Also Read - India gets its first crypto index, IC15: Bitcoin, Ethereum, Binance Coin take top positions

In the tweet Musk mentioned, “when there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Also Read - Bitcoin was not the most viewed crypto in 2021, the spot was taken by Shiba Inu: CoinMarketCap

Following Musk’s tweet, Bitcoin value jumped 5.1 percent to $37,360.63, which roughly translates to around Rs 27.3 lakhs as of 18:10 GMT (11:40pm IST) on Sunday. At the time of writing the article around 13:16pm on Monday, Bitcoin price in India stands at 28.9 lakhs. Also Read - Bizarre! Ex Twitter CEO Jack Dorsey believes Bitcoin will replace the US Dollar

Elon Musk Bitcoin

In the same tweet Musk said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving market. “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Musk said in the tweet.

Back in May this year, Musk announced that Tesla will no longer accept Bitcoin for car purchases. He said that the reason behind not accept Bitcoin as payment method is the long-brewing environmental concerns.

Bitcoin value dipped after Musk’s tweet last month. Musk believes that Bitcoin has a promising future, but it cannot be at great cost to the environment.

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  • Published Date: June 14, 2021 1:30 PM IST



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