Bitcoin Skyrockets Thanks to Elon Musk's Promising Tweet About Tesla's Future With the Coin The cryptocurrency shot up to more than $40,000 in valuation as of late Monday morning.
By Emily Rella
Opinions expressed by Entrepreneur contributors are their own.
Leave it to Elon Musk to once again send crypto coins skyrocketing after tweeting about the possibility that Tesla would resume accepting Bitcoin as a form of payment in the foreseeable future.
The digital currency shot up to more than $40,000 in valuation as of late Monday morning, a near 13% jump over a 24-hour-period, presumably thanks to Musk's Sunday-afternoon Twitter tangent.
Musk responded to a tweet from Cointelegraph, a crypto-focused news source, that shared an article saying that the Tesla CEO was "lambasted" by Sygnia CEO Magda Wierzycka for (ironically) affecting the volatility of Bitcoin through his musings and social media postings.
Related: Elon Musk Sends Shares Soaring After Tweet About Viral Video
The billionaire fired back at the Twitter account, calling parts of the article "inaccurate" and clarified his company's stance on Bitcoin.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
— Elon Musk (@elonmusk) June 13, 2021
When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
"Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market," he wrote.
Musk then made waves by alluding to the fact that Tesla would once again begin to accept Bitcoin as a form of payment, after surprisingly suspending all Bitcoin transactions back in May. "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," he said.
Related: Elon Musk Says Tesla Will No Longer Accept Bitcoin Due to Environmental Concerns
His tweet has since garnered more than 50,000 likes and 13,400 retweets.
Musk announced earlier this year that Tesla had purchased $1.5 billion in Bitcoin and began it as a form of payment in March before banning it just two months later, stating, "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."
The entrepreneur has been under fire for affecting the volatility of certain crypto coins, particularly Bitcoin and meme-inspired Dogecoin. Most recently, Musk sent shares of Korean firm Samsung Publishing through the roof after tweeting about the viral "Baby Shark" video. The firm is a key investor in SmartStudy, an entertainment company that produced the song.
Bitcoin is currently up over 335% year over year.
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