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.