Once again, Elon Musk tweeted on cryptocurrency to make an impact on the market. However, his words showed positive initiative towards the much-debated Bitcoin mining.
And the market starts observing a reasonable increase in crypto value. Consecutive banishment or hardline kept plunging the whole market. And many investors directly blamed Musk’s tweets for the massive downfall.
Elon Musk seems to soften his position on the crypto, concerning heavy criticism. He was considered the loudest speaker of crypto for a good time.
But his actions against Bitcoin literally resulted in extreme criticism. Developers already launched a meme-based ‘$StopElon’ to prohibit his manipulation.
Tesla CEO announced its banishment of BTC as payment options. And immediately following the Chinese crackdown made the situation worse for Bitcoin.
Almost every crypto in the market started to fall over the dipping BTC price. Even Musk’s favorite Dogecoin continued plunging for the wild weekly session.
In fact, his tweets can immediately send the value either soaring or plunging.
His tweet on May 25 explicitly concerns Bitcoin miners of North America. He implied the miners’ commitment to enabling current as well as planned renewable usage. The miners are to ask worldwide miners to do the same. Elon even denoted the idea as potentially promising.
Michael Saylor, CEO of MicroStrategy, confirmed the meeting between Musk & miners.
The active discussion checked eco-friendly mining operation possibilities. It led to the formation of ‘Bitcoin Mining Council’ to induce sustainability. The intended ‘Green Mining’ initiative is currently spearheading to ensure a foreseeable future.
Bitcoin, the worst sufferer of last week’s bruising fall, started increasing in value. CoinDesk tracks $39,553.98 for BTC at 2:14 am ET. And it holds a 2.38% increment in the last 24 hours.
Not to mention, other major crypto assets are also showing considerable market increments.
ETH, XRP, ADA, LTC, DOGE – almost every established crypto keeps holding an upward spike. Of course, a slight raise occurred following the absolute crash. However, Elon’s tweet proved pretty fruitful for the market with minimal pullback.
However, not everyone seems happy with the active participation of Elon Musk. Crypto enthusiasts are considering the meeting to set crypto centralization.