Elon Musk Tweet Moves Bitcoin Prices

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Elon Musk tweet moves the Bitcoin prices again. On Sunday, Elon Musk said that Tesla would resume transactions with Bitcoin (BTC) when mining is done with more clean energy. Is clean energy even possible? l shall share more on this piece of news below.

Elon Musk and Bitcoin

Now, back to Elon Musk. Cryptocurrency investors will know that Elon Musk’s tweet always have a significant impact to Bitcoin (BTC) prices. The below chart shows the impact of how Elon Musk’s tweet causes the price of Bitcoin to jump from estimated US$35K to the current US$39K. That is a 22.52% increase.

Elon Musk Tweet Moves Bitcoin Prices

Square Inc (NYSE:SQ) Invest In Solar Powered Bitcoin Mining Facility

If you are not familiar with Square Inc, this company is an American financial services and digital payments company that is based in San Francisco, California.

On 6th June 2021, the company announced its plan to invest US$5 million to build a solar powered Bitcoin mining facility through a partnership with Blockstream. Blockstream is a leading provider of both open-source and commercial Bitcoin technologies.

The facility will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale”.

What Are You Waiting For?

I believe there is still huge potential for Bitcoin (BTC) mining despite China clamping down on Crypto mining.

Solar is a form of clean energy and if this proof-of-concept turns out well, the future of Bitcoin (BTC) remains bright.

If you wish to purchase Bitcoin (BTC), you can use either Coinbase or Crypto.com Exchange which I frequently use.

Recently, I have also signed up for a Hodlnaut account whereby I deposit my Bitcoin to earn additional interests. If you sign up using my Hodlnaut referral link, you will receive a US$20 signup bonus after making an initial deposit equivalent of US$1000 on any of Hodlnaut supported assets. Bonus payouts are paid in the same asset deposited.

BTC and ETH June 2021 Updates

Bitcoin

Last month, Bitcoin (BTC) price was at its peak but it has since crashed to as low as US$33K before stabilizing at the levels between US$35K to US$40K.

I sold off BTC when it peaked and bought in tranches when prices started falling. However, I am still making a loss since prices have not recovered.

Bitcoin crashed badly as much as 40% from its peak. The reason for the crash was a slewed of bad news whereby speculators sold down Bitcoin.

Bitcoin BTC Price 7 June 2021

Tesla will no longer accept Bitcoin as payment over climate concerns, Elon Musk

We all know every twitter that Elon Musk makes either bring the Cyptocurrency over the moon or down the valleys. The prices of Bitcoin fell 10% after he made that comment on 12th May 2021.

Chinese government crackdown

Perhaps a bubble has already appeared in Cryptocurrency and therefore the Chinese government decided to step in. On 21st May 2021, the Chinese authorities vowed to crack down on mining and trading of the Cryptocurrency.

China is known for its large Cryptocurrency mining farms which in turn hinders its green energy goals since we all know what mining consumes a lot of electricity and produces a lot of heat which is bad for the environment.

Chinese microblogging platform has banned several influential cryptocurrency accounts for its support for the Chinese government.

Is investing in Cryptocurrency such a bad idea?

The big issue for Cryptocurrency is really the lack of real world adoption and utility.

Having said that, payment giants such as Visa and Mastercard are partnering with Crypto exchanges to issue cards that rewards you with crypto such as the MCO card and Coinbase card.

S&P has recently launched three indexes to track the prices of Bitcoin and Ethereum. They are SPBTC, SPETH and SPCMC. SPBTC tracks the prices of Bitcoin and SPETH tracks the prices of Ethereum. SPCMC is a “Megacap” combo of Bitcoin and Ethereum.

If investing in Cryptocurrency is such a bad idea, why is S&P tracking them?

Too Many Coins

In my opinion, there are too many Cryptocurrency coins in the market. Not all of them can take off like Dodgecoin.

For myself, I still believe in Bitcoin and Ethereum as these are the forefathers of the rest of the coins.

My Last Words

In summary, I believe there is still potential for Bitcoin and Ethereum. Prices could go upwards or downwards and being volatile is just the nature for Cryptocurrencies.

Ethereum ETH Price 7 June 2021

I shall continue to accumulate BTC and ETH in small tranches while waiting for the next bull run.

If you wish to jump onto the Cryptocurrency bandwagon, Coinbase where I first got started with Crypto. You can occasionally learn to earn free coins.

Sign up using my Coinbase affiliate link and once you complete a buy or sell of $100 USD or more (or 100 USD equivalent of your domestic currency), you and I will receive 10 USD (or 10 USD equivalent of your domestic currency).