The Tesla CEO and Dogecoin fan Elon Musk tweeted on Sunday that Tesla “will continue authorizing Bitcoin transactions” if and when “prudent (~50%) clean energy use by miners with positive future trends is confirmed”. Bitcoin jumped nearly 1% to $37,650 after the tweet.
The tweet was in response to a CoinTelegraph story about Magda Wierzycka, CEO of fintech firm Sygnia, accusing Musk of a bitcoin pump and dumping scheme after Tesla bought $1.5 billion in BTC and then, as Wierzycka concluded, “sold most of its commitments to” on.”
Musk dismissed Wierzycka’s criticism as “inaccurate”, adding that Tesla “only sold ~10% of its inventory to confirm that BTC could be easily liquidated without moving the market”. (Musk said in April that Tesla “sold its 10% stake on merit to prove bitcoin liquidity as an alternative to keeping money on the balance sheet.”
Over the past year, Musk’s tweets have repeatedly shifted crypto prices up and down.
Tesla’s February Bitcoin purchase pushed Bitcoin and TSLA shares higher, but then his shock tweet in May that Tesla would no longer accept Bitcoin due to environmental concerns caused a major setback that continued as he continued to tweet his concerns about bitcoin.
He now prefers the Dogecoin family of memes, and his Doge meme tweets continue to power DOGE.
The price chart shows that Elon’s effect on crypto prices is still alive as usual. Following Musk’s tweet on Sunday, Bitcoin broke the $35,000 to $36,000 resistance level for the first time since a recent downtrend began in April.