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Tesla’s Tweet Sent Bitcoin Soaring

Elon Musk, Tesla’s Inc Chief Executive Officer, recently tweeted that the electric carmaker will allow Bitcoin transactions when miners who verify transactions use more renewable energy.


Musk’s tweet said: “When there’s confirmation of reasonable (50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”


The effect? Bitcoin surged 9.8% to $39,035.47on Sunday, adding $3,492.71 to its previous close.


The tweet was in response to a report in Cointelegraph, which referred to comments made by Magda Wierzycka, the Executive Chair of South African Asset Manager Sygnia. Wierzycka said that Musk’s recent tweets on Bitcoin should have prompted an investigation by the US Securities and Exchange Commission.


Musk also said that Tesla sold about 10% of holdings to confirm Bitcoin could be liquidated easily without moving the market.


Jonathan Cheesman, head of over-the-counter and institutional sales at Crypto Derivatives Exchange FTX, said: “The tweet added to positive momentum, as Musks’s stance seems to be moderating and providing a target that’s not far away.”


Cheesman continued: “The rally was already under way as the market speculates about an imminent purchase from MicroStrategy and the G-7 comments on crypto were neutral, even optimistic, about digital innovation.”


Musk has previously mentioned Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought $1.5bn in Bitcoin and suggested it would start accepting Bitcoin as payment for vehicles.


Musk tweeted “you can now buy a Tesla with Bitcoin” at the time, but followed up in May 2021 to say that this would be suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions—Bitcoin fell more than 10% after that particular tweet.


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