Bitcoin and Ethereum make big gains after Musk remarks
22:05, 21 July 2021
Elon Musk flexed his influence over cryptocurrency on Wednesday with remarks made at The B Word conference leading to late-in-the-day rallies by Bitcoin, Dogecoin and Ethereum.
Musk said at the conference, an event hosted by the Crypto Council for Innovation, that Tesla would likely start accepting bitcoin again for vehicle purchases if more bitcoin was mined through renewable energy.
Bitcoin was trading nearly 8% higher on Wednesday, peaking above $32,700, before settling below $32,000 (up 7.13%) in late trading.
“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used...have been shut down, especially in China,” Musk said at The B Word.
“I want to do a little 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 toward increasing that number. If so, Tesla will most likely resume accepting bitcoin.”
This came after Tesla stopped accepting bitcoin in May with an announcement from Musk on Twitter to that effect.
Ethereum up over 9%
And when Musk said he personally invested in Ethereum, it went one better, heading north of $2,000 before settling back to around $1,950 (up 9.22%) an hour after the trading day closed.
Dogecoin, XRP and Cardano were among other cryptocurrencies that went green following Musk’s remarks.