Bitcoin Rises to Near $40K After Musk Tweets About BTC Mining's 'Promising' Renewable Usage

Elon Musk continues to tweet about bitcoin.

May 24, 2021 at 8:42 p.m. UTC
Updated Sep 14, 2021 at 1:00 p.m. UTC

The price for bitcoin, already up on the day, received an extra boost from a new tweet by Tesla CEO Elon Musk on bitcoin mining's "promising" renewable usage, as it's near a key resistance level at $40,000 during U.S. trading hours on Monday.

  • The news takes on added significance as it was Musk's comments on May 13 regarding bitcoin's environmental impact that started a dramatic sell-off in the crypto market that gathered force last week and continued through this past weekend with bitcoin dropping to just above $31,000 Sunday.
  • Monday's quick recovery came as demand from wealthy investors appears to have brought relief to the battered cryptocurrencies, as CoinDesk reported earlier.
  • Adding support to bitcoin's price Monday was Bridgewater Associates founder Ray Dalio, who said he owns some bitcoin. He mentioned that during an interview recorded on May 6 and broadcast during the first day of CoinDesk's Consensus 2021 conference.
  • The oldest cryptocurrency by market value extended its gains Monday afternoon after Musk tweeted about bitcoin mining's "promising" renewable usage.
  • "Spoke with North American Bitcoin miner," Musk wrote in a tweet. "They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising."
  • Michael Saylor, the founder and CEO of MicroStrategy, appeared to have joined the meeting with Musk along with several bitcoin miners in North America, as Saylor implied in a follow-up tweet from Musk's post.
  • "The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide," Saylor wrote.
  • During last week's market crash, Saylor announced that his business intelligence firm has purchased another 229 BTC for $10 million in cash.
  • According to Saylor, executives from Argo Blockchain, Galaxy Digital, Blockcap, Hive Blockchain, and a few other mining companies based in North America, were at the meeting.
  • Several factors led to the market crash last week including China's latest news about tightening crypto regulations.
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