Bitcoin price rose about 4% Monday afternoon after Tesla CEO Elon Musk tweeted that he had had vigorous discussions about the sustainability of the digital coin.
Bitcoin bought and sold around $ 38,074, according to Coindesk, as ET Musk around 3:42 pm on Twitter: “I spoke to North American Bitcoin miners. They undertook to publish the current and planned use of renewable energies and to ask the miners WW to do so. Potentially promising. “
In a matter of minutes, the price had risen to over $ 39,500. Overall, the coin has increased more than 17% in the last 24 hours. Michael Saylor, CEO of Microstrategy, responded to Musk’s tweet, saying he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.
Musk has been a huge proponent of cryptocurrencies and has helped raise the prices of digital coins, including Bitcoin, several times over the past year. His tweets and comments around the cryptocurrency often make prices go up or down.
In an SEC filed in February, Tesla announced that it would buy $ 1.5 billion worth of Bitcoin and settle for it as some sort of fee. The company later mentioned that it posted $ 101 million in gross internet revenue from gross sales of Bitcoin during the quarter, which served to boost its internet revenue on a document that was excessively high within the first quarter.
However, its relationship with digital coin changed earlier this month. He tweeted on May 12 that the company had “suspended vehicle purchases” by using Bitcoin over concerns over the “rapidly increasing use of fossil fuels” for Bitcoin mining.