Bitcoin takes off again because of Musk

Bitcoin takes off again because of Musk

July 22, 2021 0 By autotimesnews

After a long decline, the bitcoin rate returned to stable growth. The cost rose to $ 32.18 thousand. The rate of the first cryptocurrency was influenced by the statement of billionaire Elon Musk that Tesla could again start selling goods for bitcoins.

During the day, the cost of the main cryptocurrency increased by 4.51%. This is evidenced by the data of the crypto exchange CoinDesk.

“Most likely the answer is that Tesla will resume accepting bitcoins. I wanted a little more due diligence to confirm that the percentage of renewable energy use is most likely 50% or higher, and that there is an upward trend. Tesla will resume admission, “the entrepreneur told the BBC.

Recall that in May, the electric vehicle manufacturer announced that it would no longer accept cryptocurrency for purchases. He expressed concern about the environmental impact of bitcoin mining.

Earlier it was reported that one Bitcoin transaction consumes an average of about 1,752 kilowatt-hours of electricity. That’s the equivalent of watching over 138,000 hours of YouTube videos or conducting 1.8 million transactions through the VISA payment system.

VISA provides about 42% of the global credit market, making it one of the largest payment providers in the world, along with Mastercard, Discover and American Express. And even its carbon footprint is smaller.

The co-founder of investment firm Magellan, billionaire Hamish Douglas, said that cryptocurrencies are one of the greatest mass delusions in modern history. This is part of a broader warning that asset prices “artificially inflated by the government and central bank incentives” could face retaliation, he said.