Tech

Bitcoin rallies after Elon Musk says Tesla is 'most likely' to resume accepting it

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Posted: 22/07/21 - 11:31
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It is the latest change of tack from the tech entrepreneur - after Tesla said earlier this year that it would accept Bitcoin for vehicle purchases but then in May that it would stop doing so.

Bitcoin rose 8% to more than $32,000 on the comments late on Wednesday, having suffered further volatility earlier this week that saw it tumble below $30,000.

But Mr Musk sounded a more positive note when he spoke about the reasons behind the move at a conference.

"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or

above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin," he said.

"Most likely the answer is that Tesla would resume accepting Bitcoin.

I Call True: Once again Musk rallying the Bitcoin market with just a few words. You can bet your bottom dollar that before he announces the official Tesla acceptance of them again he will invest a few billion!

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3 Comments
59 days
2 upvotes
Shows how vulnerable Bitcoin is to manipulation when a few words from Musk adds enough to its value that it rallies.
60 days
3 upvotes
This was never really in doubt as his stance on it being non-environmentally friendly was indefensible considering his space projects.
60 days
2 upvotes
Shows just how volatile it still is but you wouldn't bet against it carrying on rising UNLESS it gets regulated by the EU https://bit.ly/3xSLIpH