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After Elon Musk announced that his company Tesla might once again accept digital currency as a payment method, the price of Bitcoin rose again, provided that virtual mining will take a more pollution-free path.
Musk announced that if 50% or more of Bitcoin mining will be done using renewable energy, it will be enough for him to restart the option of people buying Tesla cars with Bitcoin again. In May last year, the electric car manufacturer stopped accepting BTC as a payment method. Previously, it had only accepted Bitcoin payment options for electric cars for a little over 3 months.
The reason Musk announced this news in May was that he was worried about the excessive amount of fossil fuel needed to produce Bitcoin and its negative impact on the environment. Currently 65% of Bitcoin mining is done in China. Most of the country’s electricity is generated by burning coal in the old-fashioned way.
After Elon’s May tweet, the value of the cryptocurrency plummeted from its all-time high (approximately US$63,000) to a low of approximately US$33.000 on June 8. After Musk’s latest tweet, the value has now risen and reached the $40.000 mark again.
Musk’s impact on cryptocurrency prices is extraordinary. After the tycoon issued a message that the obstacle might be overcome, Bitcoin soared. But he has also been widely criticized for “manipulating” the world’s most popular digital coin.
There are rumors that Microstrategy CEO Michael Saylor and Tesla CEO Elon Musk have established an organization called the North American Bitcoin Mining Council (BMC) whose sole purpose is to ensure that Bitcoin mining complies with the use of renewable energy, and Improve the transparency of energy use of flagship cryptocurrencies. It seems not entirely correct. Obviously, the organization is led by Sailer and Musk is not included.
Obviously, Musk’s participation was nothing more than an educational conference call with a group of North American companies discussing Bitcoin mining.
Many Bitcoiners looked at (BMC) suspiciously. They see the organization as some kind of cartel or an attempt to “centralize” manipulation.
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