A tweet from Elon Musk crashed Bitcoin and this new tweet picked it up in minutes. Can we talk about the ‘musk effect’ now?


Almost two weeks ago Elon Musk announced that Tesla would no longer accept Bitcoin (BTC) as a means of payment for its environmental impact. This caused a collapse in its price to lose 15% of its value in less than 24 hours. Now the 49-year-old Mughal has posted quite a “promising” new tweet As a result, the cryptocurrency rose by almost 5% within a few minutes.

Musk’s tweet started a downward streak, fueled by the news that China would ban its financial institutions from operating cryptocurrencies. Last Sunday everyone digital currencies suffered a strong crash Y. Bitcoin fell to $ 31,227.

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A tweet from Elon Musk crashed Bitcoin and this new tweet picked it up in minutes.  Can we talk about the ‘musk effect’ now?
A tweet from Elon Musk crashed Bitcoin and this new tweet picked it up in minutes. Can we talk about the ‘musk effect’ now?

Yesterday Monday the cryptocurrency with the highest Market capitalization (Over $ 712 billion at the end of this note) began to recover. So Musk gave it an extra boost.

At the 2:42 pm (GMT-5), the CEO of Testa and Space X. Published in Twitter something that rekindled the hope of the owners of BTC.

“I spoke to the North American bitcoin miners. They promised to make the current and planned use of renewable energies public and to encourage miners around the world to do so. Potentially Promising “Elon Musk tweeted.

The “Musk effect” He did his magic practically instantly. According to CoinMarketCap, at 2:39 pm BTC acted at $ 37,893, Y. at 3:04 p.m. it was up to $ 39,740 per unit. This represents a 4.87% increase in just a few minutes.

Source: CoinMarketCap.

Elon Musk, Tesla and a more sustainable Bitcoin

With this short text, the businessman indicated that he is already working to find solutions to reduce the enormous Waste of energy which represents the Bitcoin mining.

It is worth noting that after a Study at Cambridge University The digital currency cited by the BBC consumes 121.36 terawatt hours per year, which exceeds the energy consumption of countries like Argentina and Norway.

  • Also Read: Elon Musk Says Dogecoin Could Be The Future Of Cryptocurrency But Warns To Invest With Caution.

If you take that into account Elon Musk has projects from sustainable energy, What Solar roof, the division of Tesla sunroofsIt is to be expected that he will work with miners from in the future Bitcoin to the Blockchain with solar energy.

At the moment, Tesla Inc. is the second largest owner of Bitcoin in the world, only after MicroStrategy, a company that offers data software.

Yes OK musk He reported that Tesla no longer supports Bitcoin In order to acquire electric cars, he made it clear that he would reconsider the decision whether it could be extracted in a more sustainable way. Additionally, he made it clear that the company won’t sell those it already owns: nearly $ 1.5 billion in BTC.

All of these factors, which according to Forbes have the third richest person in the world as a common denominator, lead crypto investors to believe that there is a good chance that BTC and other digital currencies will recover soon.

Maybe it’s not time to get rid of your cryptocurrencies as the ‘musk effect’ could work its magic again.

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