The value of bitcoins has started balancing after the latest tweet of Elon Musk

The news about the fluctuation in the value of the bitcoins is among the high trend as it has mainly taken place by the tweets of Elon Musk. Elon Musk is Tesla‘s owner who everyone thinks is fond of playing tweet games and sustain volatility in the world of crypto. It is because he is only the one who has contributed to boosting the value of bitcoins to its all-time high point.

Yes, we are here discussing February 2021 when Elon’s invested $1.5 billion to buy bitcoins and tweet that now users can pay through bitcoins as payment to buy the Tesla eletcric vehicle. This tweet raised the value of bitcoin to the next level, which was not imagined by anyone, and give reason to analysts for making predictions that it will indeed cross $100,000 at the end of 2021.

The Bitcoin mining offers full fledge access to any aspect related to this digital currency.

But he again started the game of tweets in May 2021, which resulted in to decline in the value of this digital currency. The unexpected fall of more than 30 percent was noticed by Elon Musk’s tweets, and since it started recovering, China’s announcement added fuel to the fire. Musk mentioned not considering the bitcoin payments anymore by Tesla because transactions of bitcoins consume indefinite levels of energy which is leading to excessive damage to the environment. As soon as the tweet hit the market, the entire crypto market tumbled and fell by 20%-30% within 24 hours. It was not expected that he would also do such tweets, which will decline the value of this digital currency because he was also recognized as a crypto booster after his move in February 2021.

Words by Musk again pushed the bitcoin.

But the surprising move was taken by Musk and Michael Saylor on 21st May when they come forward with the tweet to offer support to the bitcoin miner. They are ready to support bitcoin miners of North America, so that they should continue bitcoin mining without facing any kind of hindrance. 

As the mining requires utilization of excessive level of energy, the alternative will be developed which will reduce the emission of fossil fuels and it will also protect the environment. The best thing is that group of miners has also agreed to form the council, which will normalize the broadcasting of energy. It is really a good thing, as per the experts, and after this tweet, there has been a push in the value of the bitcoins.

The value of bitcoin, which was earlier fluctuating at the price of $ 31,000, has gone through the rise of 19 percent and finally recovered to the point of 39,944 after this tweet.  This has given some increase of hope to the investors because the value of bitcoins was going through fluctuation for the last few days. The investors were apprehensive about the actions as they were not ready to face more changes than this. But this tweet has resulted in some improvements in the crypto market, which is the reason people have not decided to sustain their investments in bitcoins. The volatile nature of bitcoins is the crucial reason behind the fluctuations, which is the reason for such kind of ups and downs in the value of crypto.

The announcement made by Elon Musk has the potential to both rise and decline the value of cryptocurrencies. It has been proven after some of his tweets have boosted the position of bitcoins to the moon and at the next moment is reduced to the shallow point as everyone was aware of the high energy consumption by bitcoin mining and other activities related to it for a long time.

 Then why he suddenly took action about not accepting the payments on bitcoins and was really concerned about the environment after making an investment worth billions in the bitcoins a few days ago. Even he mentioned that soon Tesla is going to release its acquisition of bitcoins which again resulted in a situation of worry about the investor, but it was clarified within an hour that Elon would not sell these bitcoins until there is better and conservative source available to perform the bitcoin transactions.

Found this article helpful? Read more About Us