The price of the world’s largest cryptocurrency in the world, Bitcoin, increased by nearly 4% Monday afternoon. The rise came after Tesla CEO Elon Musk tweeted that he was having active discussions regarding the sustainability of the digital coin.
According to Coindesk, the dominant cryptocurrency was trading about $38,074. Elon Musk posted on Twitter, informing his followers that he had active discussions with North American Bitcoin miners. According to him, they committed to publish current & planned renewable usage & to ask miners WW to do so.
After the announcement, the price had quickly boosted by more than $39,500. Overall, Bitcoin is up more than 17% in the last 24 hours.
Microstrategy CEO Michael Saylor followed up on Musk’s tweet, stating 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.
The billionaire Elon Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including bitcoin, several times in the past year. Remarkably, his tweets and comments around cryptocurrency often send the prices soaring or plunging.
In a Securities and Exchange Commission filing in February, the giant car-maker, Tesla, announced that it purchased $1.5 Billion worth of bitcoin. Tesla’s CEO, Elon Musk, also revealed that the firm would accept it as a form of payment. Tesla later announced it registered a net gain of $101 million from Bitcoin sales during the quarter. Notably, it helped increase its net profits to an all-time high in the first quarter of the year.
Still, his relationship with the digital coin changed earlier in May. He tweeted on May 12 that the firm suspended car purchases using bitcoin out of concern over the rapidly growing use of fossil fuels for bitcoin mining.
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