Bitcoin rises 12% on the back of Elon Musk’s latest tweet

Tesla will resume selling electric cars for Bitcoin when it confirms that at least half of miners have switched to renewable energy, Elon Musk said. In the last 24 hours the price of digital gold rose by 12%, 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 message came in response to criticism from the head of the financial company Sygnia, Magda Wierzycka. In The Money Show podcast she said that the Tesla founder was manipulating the price of the first cryptocurrency.

\”What we’re witnessing with Bitcoin is price manipulation by one very powerful and influential person,\” added Wierzycka.

The CEO of Sygnia stressed that if Musk’s tweets had concerned any publicly traded company, he would have come under the attention of the U.S. Securities and Exchange Commission.

According to her, the billionaire consciously pushed up the price of digital gold and, at the peaks, liquidated a large part of his position. His public statements, as well as Tesla’s statement that it would not accept cryptocurrency, Wierzycka considers manipulations.

Musk called the words of the head of Sygnia inaccurate. He noted that the carmaker had sold only 10% of its Bitcoin to test market liquidity.

\”When there’s confirmation of reasonable (~50%) use of clean energy by miners with a positive future trend, Tesla will resume Bitcoin transactions,\” added Musk.

As of writing, the first cryptocurrency is trading at around $39,328.

In February 2021, Tesla invested $1.5 billion in the first cryptocurrency, and in March Musk announced the start of selling electric cars for Bitcoin in the United States.

In April the company liquidated part of its position in digital gold for $272 million.

In May Tesla halted Bitcoin-based car sales and crashed the market.

Earlier in June, hackers from the Anonymous group declared a ‘war’ on Elon Musk. They also accused him of market manipulation and criticised Tesla’s business.

Subscribe to ForkLog news on VK!