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| Meta Title | Tesla chief Elon Musk tweets and Bitcoin jumps, again | Business and Economy News | Al Jazeera |
| Meta Description | Muskâs latest tweet on potentially allowing Bitcoin transactions for Tesla sent the currency surging nearly 10 percent. |
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| Boilerpipe Text | Muskâs latest tweet on potentially allowing Bitcoin transactions for Tesla sent the currency surging nearly 10 percent.
Tesla Inc Chief Executive Officer Elon Musk has tweeted that the electric carmaker will resume allowing Bitcoin transactions when miners who verify transactions use more renewable energy.
âWhen thereâs confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,â he said in a tweet on Sunday.
Recommended Stories
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From monkey brains to memes, Musk makes wild Clubhouse app debut
list 3 of 4
How much is that Dogecoin in the window worth?
list 4 of 4
Elon Musk asks Twitter followers if Tesla should accept Dogecoin
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Bitcoin surged 9.8 percent to $39,035.47 on Sunday, adding $3,492.71 to its previous close.
Muskâs post was in reply to a report in Cointelegraph, which cited Magda Wierzycka, executive chair of South African asset manager Sygnia, as saying Muskâs recent tweets on Bitcoin should have prompted an investigation by the US Securities and Exchange Commission.
Bitcoin, the worldâs biggest and best-known cryptocurrency, is up 40.7 percent from the yearâs low of $27,734 on January 4. It was down about 1 percent to $38,881 as of 7am in Hong Kong on Monday (23:00 GMT on Sunday).
Ether, the coin linked to the ethereum blockchain network, surged 7 percent to $2,532.77 on Sunday, adding $165.77 to its previous close.
Musk also said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving the market.
âPositive momentumâ
âThe tweet added to positive momentum as Elonâs stance seems to be moderating and providing a target thatâs not far away,â said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. âThe 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.â
MicroStrategy Inc, whose Chief Executive Officer Michael Saylor has become a vocal Bitcoin evangelist, last week boosted a junk-bond offering for the purposes of buying the cryptocurrency to $500m from $400m.
Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought $1.5bn in Bitcoin and signalled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, âyou can now buy a Tesla with Bitcoin,â only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions. Bitcoin fell more than 10 percent after that tweet.
The U-turn has been controversial, as Wierzyckaâs reported comments indicate, partially because the moves by Tesla and Musk have had noticeable effects on bitcoinâs price. While there are other issues out there, ranging from institutional adoption and diversification on the positive side to sustainability and regulatory concerns on the negative, a Musk tweet can often change momentum and can dominate the narrative for days or weeks. |
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# Tesla chief Elon Musk tweets and Bitcoin jumps, again
*Muskâs latest tweet on potentially allowing Bitcoin transactions for Tesla sent the currency surging nearly 10 percent.*
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Elon Musk's comments have whipsawed Bitcoin and other digital currencies in the past few months \[File: Maja Hitij/Getty Images\]
By News Agencies
Published On 14 Jun 202114 Jun 2021
Tesla Inc Chief Executive Officer Elon Musk has tweeted that the electric carmaker will resume allowing Bitcoin transactions when miners who verify transactions use more renewable energy.
âWhen thereâs confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,â he said in a tweet on Sunday.
## Recommended Stories
list of 4 items
- list 1 of 4[Green prize: Elon Musk to give \$100m for carbon capture solution](https://www.aljazeera.com/economy/2021/1/22/bb-climate-prize-elon-musk-to-give-100m-for-carbon-capture-tech)
- list 2 of 4[From monkey brains to memes, Musk makes wild Clubhouse app debut](https://www.aljazeera.com/economy/2021/2/1/bbfrommonkey-brains-to-memes-musk-makes-wild-clubhouse-app-debut)
- list 3 of 4[How much is that Dogecoin in the window worth?](https://www.aljazeera.com/economy/2021/5/7/with-elon-musk-set-to-host-snl-whats-behind-the-dogecoin-rally)
- list 4 of 4[Elon Musk asks Twitter followers if Tesla should accept Dogecoin](https://www.aljazeera.com/economy/2021/5/11/elon-musk-asks-twitter-followers-if-tesla-should-accept-dogecoin)
end of list
Bitcoin surged 9.8 percent to \$39,035.47 on Sunday, adding \$3,492.71 to its previous close.
Muskâs post was in reply to a report in Cointelegraph, which cited Magda Wierzycka, executive chair of South African asset manager Sygnia, as saying Muskâs recent tweets on Bitcoin should have prompted an investigation by the US Securities and Exchange Commission.
Bitcoin, the worldâs biggest and best-known cryptocurrency, is up 40.7 percent from the yearâs low of \$27,734 on January 4. It was down about 1 percent to \$38,881 as of 7am in Hong Kong on Monday (23:00 GMT on Sunday).
Ether, the coin linked to the ethereum blockchain network, surged 7 percent to \$2,532.77 on Sunday, adding \$165.77 to its previous close.
Musk also said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving the market.
## âPositive momentumâ
âThe tweet added to positive momentum as Elonâs stance seems to be moderating and providing a target thatâs not far away,â said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. âThe 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.â
Advertisement
MicroStrategy Inc, whose Chief Executive Officer Michael Saylor has become a vocal Bitcoin evangelist, last week boosted a junk-bond offering for the purposes of buying the cryptocurrency to \$500m from \$400m.
Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought \$1.5bn in Bitcoin and signalled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, âyou can now buy a Tesla with Bitcoin,â only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions. Bitcoin fell more than 10 percent after that tweet.
The U-turn has been controversial, as Wierzyckaâs reported comments indicate, partially because the moves by Tesla and Musk have had noticeable effects on bitcoinâs price. While there are other issues out there, ranging from institutional adoption and diversification on the positive side to sustainability and regulatory concerns on the negative, a Musk tweet can often change momentum and can dominate the narrative for days or weeks.
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| Readable Markdown | *Muskâs latest tweet on potentially allowing Bitcoin transactions for Tesla sent the currency surging nearly 10 percent.*
Tesla Inc Chief Executive Officer Elon Musk has tweeted that the electric carmaker will resume allowing Bitcoin transactions when miners who verify transactions use more renewable energy.
âWhen thereâs confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,â he said in a tweet on Sunday.
## Recommended Stories
list of 4 items
- list 1 of 4[Green prize: Elon Musk to give \$100m for carbon capture solution](https://www.aljazeera.com/economy/2021/1/22/bb-climate-prize-elon-musk-to-give-100m-for-carbon-capture-tech)
- list 2 of 4[From monkey brains to memes, Musk makes wild Clubhouse app debut](https://www.aljazeera.com/economy/2021/2/1/bbfrommonkey-brains-to-memes-musk-makes-wild-clubhouse-app-debut)
- list 3 of 4[How much is that Dogecoin in the window worth?](https://www.aljazeera.com/economy/2021/5/7/with-elon-musk-set-to-host-snl-whats-behind-the-dogecoin-rally)
- list 4 of 4[Elon Musk asks Twitter followers if Tesla should accept Dogecoin](https://www.aljazeera.com/economy/2021/5/11/elon-musk-asks-twitter-followers-if-tesla-should-accept-dogecoin)
end of list
Bitcoin surged 9.8 percent to \$39,035.47 on Sunday, adding \$3,492.71 to its previous close.
Muskâs post was in reply to a report in Cointelegraph, which cited Magda Wierzycka, executive chair of South African asset manager Sygnia, as saying Muskâs recent tweets on Bitcoin should have prompted an investigation by the US Securities and Exchange Commission.
Bitcoin, the worldâs biggest and best-known cryptocurrency, is up 40.7 percent from the yearâs low of \$27,734 on January 4. It was down about 1 percent to \$38,881 as of 7am in Hong Kong on Monday (23:00 GMT on Sunday).
Ether, the coin linked to the ethereum blockchain network, surged 7 percent to \$2,532.77 on Sunday, adding \$165.77 to its previous close.
Musk also said that Tesla sold about 10 percent of holdings to confirm Bitcoin could be liquidated easily without moving the market.
## âPositive momentumâ
âThe tweet added to positive momentum as Elonâs stance seems to be moderating and providing a target thatâs not far away,â said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. âThe 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.â
MicroStrategy Inc, whose Chief Executive Officer Michael Saylor has become a vocal Bitcoin evangelist, last week boosted a junk-bond offering for the purposes of buying the cryptocurrency to \$500m from \$400m.
Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought \$1.5bn in Bitcoin and signalled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, âyou can now buy a Tesla with Bitcoin,â only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions. Bitcoin fell more than 10 percent after that tweet.
The U-turn has been controversial, as Wierzyckaâs reported comments indicate, partially because the moves by Tesla and Musk have had noticeable effects on bitcoinâs price. While there are other issues out there, ranging from institutional adoption and diversification on the positive side to sustainability and regulatory concerns on the negative, a Musk tweet can often change momentum and can dominate the narrative for days or weeks. |
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