Bitcoin Climbs After Elon Musk Revelations

Teodora Dobrilova
Teodora Dobrilova

Updated · Feb 24, 2022

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Bitcoin has climbed past $30,000 after Elon Musk announced on the 21st of July that Tesla might start accepting it as payment once again. The tech mogul also revealed that he personally holds Bitcoin, Etherum, and Dogecoin.

Tesla To Eventually Accept Bitcoin

Back in May, Musk said that Tesla will no longer accept Bitcoin as payment. The reason was the environmental impact of the cryptocurrency

During the B Word conference on the 21st of July, however, he revealed that the company will most likely start accepting the currency as payment again.

Musk said: "I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin."

The entrepreneur also revealed that SpaceX holds Bitcoin. He personally owns some of the best currencies one can invest in - Bitcoin, Ether, and internet-popular Dogecoin.

The Backlash

Earlier this year, environmentalists had a strong negative reaction to Tesla’s announcement that it will start accepting Bitcoin. Some of its investors were against it, too. 

Bitcoin mining uses huge amounts of electricity. This directly clashes with Tesla being marketed as environmentally friendly. 

The public also criticized Elon Musk for using his influence to back cryptocurrencies. 

The tech mogul addressed the claims, saying: "I might pump, but I don't dump. I definitely do not believe in getting the price high and selling. I would like to see Bitcoin succeed."

He also said that he’s been researching fossil fuel usage in Bitcoin mining as a more nature-friendly option.

The Statistics

Еxperts predict that the global blockchain market will reach up to $23.3 billion by 2023. Back in 2020, cryptocurrency exchanges worldwide exceeded 300.

But the rising popularity of the currencies leads to more cases of cyberattacks, such as cryptojacking. In fact, as of last year, there are 667 million new crypto-malware.

Good ways to prevent incidents is to have up-to-date antivirus software.

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Teodora Dobrilova

Teodora Dobrilova

Teodora devoted her whole life to words – reading, writing and trying to be original on social media. She got certified in digital marketing but still feels she’s not cool enough to be an influencer. (We all disagree – she influences the team pretty well.) She finished a master’s degree focused in Literature, Publishing, Mass Media. Her hobbies include traveling, and reading. Teddy hopes that yoga will be the thing to finally teach her some patience and show her the path toward world domination. Maybe modern tech can also help her with that.

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