Tesla CEO Elon Musk may have been responsible for the recent crash of the cryptocurrency market and the bitcoin (BTC) price. Suddenly, he said on Twitter two weeks ago that Tesla is no longer accepting bitcoin payments due to environmental concerns.
His fickleness showed that he had never really studied crypto and may explain why he praises dogecoin (DOGE), a crypto that was created for fun. Bitcoin fans were angry and even started a petition asking him to sell his bitcoin.
It now seems that Musk may want to be on the right side and keep the community a friend. On May 24, one of the richest people on Earth reports that he has spoken to bitcoin miners from North America. They would now be committed to publishing their current and planned renewable energy consumption and asking miners worldwide to do the same. “Potentially promising,” said Musk:
Bitcoin billionaire and MicroStrategy CEO Michael Saylor hosted the meeting between the miners and Musk. He reports that executives from some major crypto companies were in attendance and that they will form the Bitcoin Mining Council to promote transparency of energy consumption by standardizing reporting and spurring initiatives in sustainability.
Shortly after Musk’s tweet was published, we immediately saw the bitcoin price skyrocket by 6% from $ 37,940 to $ 40,400. Still, not all fans are happy; there are many concerns about centralization with such an organization behind closed doors and they want the market to stop turning to Musk.
Gabor Gurbacs, director at VanEck, cites a report of its own stating that 76% of bitcoin miners already use green energy and that 39% of total consumption is already from renewable sources:
Musk also tweeted about dogecoin (DOGE), but for the first time that seemed to have hardly affected the price: