Has Musk’s bitter-sweet relationship with Bitcoin taken another turn?

Elon Musk is no less than a king of the Bitcoin World. His statements bring a storm of change in the industry. Be it his announcement that Tesla would accept Bitcoins as a mode of payment or be it his withdrawal from the same due to Bitcoin’s implications on climate change- Musk has had a significant influence on the Bitcoin market.  

*The bitcoin ecosystem is heavily resource-based. The computers that are used for Bitcoin mining run on high-power processors. These processors are highly energy-intensive.  

*The biggest fear is that if Bitcoin mining increases, the global temperature would go beyond 2C within less than three decades.  

*Right after he tweeted that Tesla would start accepting Bitcoins once miners depend more on renewables, the Bitcoin prices rose by over 5%. 

*The bitcoin price hit near USD 40,000 after Musk’s tweet. 


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