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Elon Musk in the crypto spotlight

It seems like Tesla’s Elon Musk has recently been in the spotlight mostly for his erratic behaviour, which may be inherent in his personality. Interestingly, the same comes to him being observed in the Bitcoin field. Tesla has committed 1.5 billion of its general ledger to BTC, which price has immediately increased by 20% in the shortest amount of time just in a day. BTC was about to get a warm welcome from Tesla in order to perform payments on electric automobiles before Musk’s sudden change of heart.

At the beginning of the week, BTC price climbed above $40,000 in the record 3-week time as Elon announced that Tesla will come back to enabling bitcoin transactions if only crypto mining became more environmentally friendly. This shift in Musks’ Bitcoin positioning is demonstrating that Tesla’s wealthy CEO is keeping to affect the affluence of BTC and cryptocurrencies in general.

His tweet followed: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing bitcoin transactions”.

Soaring to a peak of 41,033 and before falling to 40,580 is still making a total of a positive 12% difference in BTC rate since Musk has issued that statement. Tesla also sold 10% of its bitcoin holdings to confirm that there is no impact in the BTC market and the assets can be easily annihilated.

Musk’s confidence along with his sudden SNL cameo about DOGE coin are keeping the debate level high. Some members of the crypto community assume that Elon’s tweets and controversies are not going to affect the industry in the long run, but definitely leave a stain on investors’ self-assurance by demonstrating the power that a single person can have to influence the market swings.

Others mention Elon Musk’s tweets reassuring that it may put some negative light on the industry and make some individuals believe that crypto is brought up exclusively for speculators.

Crypto reputation aside, some experts have communicated that the increased public awareness would encourage the greater adoption of smart renewable solutions for energy.

Zamzam team is curious about your opinion – let us know what you guys think of Elon’s latest controversial demeanour?

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