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Saturday, October 16, 2021

Ilan Mask announced the terms of readmission of bitcoins by Tesla

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Tesla CEO Dodge Quinn tweeted on Sunday that Tesla would allow bitcoin trading to resume; Provided that the rational consumption of clean energy (about 50%) of the miners is confirmed with a positive trend in the future. The value of Bitcoin has increased by almost 1% since the tweet was published, reaching $ 37,650. Bitcoin is currently trading in the $ 40,000 range.

According to decrypt, the tweet was in response to an article published in CoinTelegraph in which Magda Virzica, CEO of Fintech Sygnia, Ilan Mask He was accused of engaging in a “raise and sell” trick for buying 1.5 billion bitcoins and selling them at the height of the cryptocurrency. In this trick, the person manipulates the market and increases the value of the cryptocurrencies, selling coins that he has bought at a cheaper price.

Ilan Mask Tweet

In the tweet, Musk called Virzika’s criticism “inaccurate,” saying that Tesla sold only about 10 percent of its bitcoin reserves so that bitcoin liquidity could flow easily without the market shifting. Over the past year, mask tweets have boosted the price of cryptocurrencies. Tesla increased both the value of Bitcoin and its stock by buying Bitcoin Coin in February; But three months later, Mask’s surprise tweet that Tesla was no longer receiving Bitcoin payments due to environmental concerns diminished the value of the cryptocurrency, and the price decline continued as Mask continued to express concern about Bitcoin’s environmental problems.

Mask is a Dodge Quinn supporter, and his support tweets have helped increase the value of the token. Price charts show that the “Ilan effect” on the price of cryptocurrencies continues. After Mask tweeted on Sunday, Bitcoin finally broke the $ 35,000 resistance level, reaching $ 36,000 for the first time since its decline began in April.

The debate over the environmental impact of bitcoin has become hotter and hotter over the past year, with critics calling for bitcoin mining using clean, renewable energy.

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There is currently controversy over how much bitcoin is extracted from renewable energy. The 2020 report by the Cambridge Center for Alternative Finance estimates that only 39% of bitcoin mining uses renewable energy; While in the 2018 report of CoinShares, Ramzarzi Investment Company, this figure has been announced as 77.6%.

After Tesla bought 1.5 billion bitcoins in February, Musk seems to be worried about the negative impact of the move on his company’s reputation and is trying to show his support for environmentalists with his tweets.

However, from the point of view of some people, including the CEO of Sygnia, these mask measures are not because of environmental concerns, but to manipulate the price of cryptocurrencies to make more profit. At the Bitcoin 2021 conference in Miami, some bitcoins chanted slogans against Ilan Musk, criticizing his actions that had reduced the price of the cryptocurrencies; But if Tesla returns to bitcoin, he may be attracted to bitcoins again.

What is your opinion of News i user about Ilan Mask’s goals in publishing these tweets?


This article or section does not cite its references or sources. There is a risk of losing capital in any investment, and the investor must, after studying and researching, make the final decision himself and take responsibility for the consequences.


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