Home Blockchain Surprise ‘Flip’ Primes Bitcoin For A Tesla And Elon Musk Bombshell That Could Cause Crypto Price Chaos

Surprise ‘Flip’ Primes Bitcoin For A Tesla And Elon Musk Bombshell That Could Cause Crypto Price Chaos

by Harry Garcia

Elon Musk, the CEO of Tesla and the owner of Twitter, has been known for his ability to cause wild price swings in the Bitcoin market. His recent leaked plans have raised speculation about something big happening in the cryptocurrency world. To successfully navigate the rollercoaster ride ahead of next year’s historical Bitcoin halving, Forbes’ CryptoAsset & Blockchain Advisor is offering a subscription service to help investors make informed decisions.

The Bitcoin price had soared throughout 2021, largely due to support from figures like Elon Musk. However, it has recently experienced a significant drop, plummeting 70% from its all-time high and wiping out $2 trillion from the broader crypto market. This has raised concerns about the future of Bitcoin and the overall technology.

Despite this recent downturn, Bitcoin has reportedly achieved the renewable energy milestone set by Musk. This achievement means that Tesla could potentially resume accepting Bitcoin as a form of payment. Meanwhile, Musk has quietly been building his social media platform, Twitter, into a powerhouse for payments. All eyes are now on the upcoming historical Bitcoin halving, which is expected to cause significant price volatility in the crypto market.

A Bloomberg Intelligence analyst, Jamie Coutts, shared a note on Twitter revealing that sustainable energy sources have been rapidly rising in the production of new Bitcoin. Coutts pointed out that falling emissions combined with an increasing hash rate indicate that Bitcoin mining is consuming more sustainable energy. Renewable energy now accounts for 53% of Bitcoin’s total energy use, according to modelling by renewable energy investor Daniel Batten.

In June 2021, Musk halted Bitcoin payments for Tesla, stating that they would be resumed when clean energy usage by miners reached around 50%. Tesla had made headlines in February by announcing that it had purchased $1.5 billion worth of Bitcoin and would accept it as payment. However, Musk reversed this decision in mid-May, citing concerns about the environmental impact of Bitcoin mining.

Musk’s shift away from Bitcoin has led to speculation about his interest in other cryptocurrencies, particularly Dogecoin, a meme-based Bitcoin rival. Furthermore, a recent leak has led to speculation that Musk intends to transform Twitter into an “updated version of PayPal,” potentially offering support for Bitcoin and other cryptocurrencies on the social media platform.

Elon Musk’s influence on the crypto market cannot be overstated. His tweets and actions have caused significant price fluctuations in the past, and investors are eagerly watching for any signs of his next move. As the crypto market approaches a historic halving event, it is crucial for traders and investors to stay informed. Forbes’ CryptoCodex offers a daily newsletter that keeps subscribers ahead of the market, providing insights and analysis on the latest developments in the crypto world.

The future of Bitcoin and the broader cryptocurrency market remains uncertain, but with the right knowledge and careful analysis, investors can navigate the volatility and make educated investment decisions. Subscribing to resources like Forbes’ CryptoAsset & Blockchain Advisor and CryptoCodex can provide valuable insights and help investors successfully ride the waves of the crypto market.

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