Bitcoin rises 12% on the back of another tweet from Elon Musk

June 14, 2021

Bitcoin rises 12% on the back of another tweet from Elon Musk

Tesla will resume selling electric cars for bitcoin when it confirms that at least half of its miners have switched to renewable energy, Elon Musk said. The price of digital gold rose 12 per cent in 24 hours, according to CoinGecko.

This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

— Elon Musk (@elonmusk) June 13, 2021

The announcement was in response to criticism from Sygnia's head of finance Magda Wierzycki. On The Money Show podcast, she said the Tesla founder was manipulating the price of the first cryptocurrency.

"What we are seeing with bitcoin is price manipulation by one very powerful and influential person," added Wierzycki.

Sygnia's CEO stressed that if Musk's tweets had concerned any public company, he would have been in the crosshairs of the US Securities and Exchange Commission.

In her view, the billionaire deliberately raised the price of digital gold and liquidated most of his position at the highs. His public statements, as well as the announcement of Tesla's refusal to accept the cryptocurrency, Wierzycki considers manipulation.

Musk called the Sygnia chief's words inaccurate. He recalled that the electric car maker only sold 10% of its bitcoins to test market liquidity.

"When a reasonable (~50%) use of clean energy by miners with a positive future trend is confirmed, Tesla will resume bitcoin operations," Musk added.

At the time of writing, the first cryptocurrency is trading at $39,328.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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