Having dipped briefly below $30,000 on Monday as the wider markets crashed, the Bitcoin price has rebounded back up to $32,000 today at time of writing. The world’s largest cryptocurrency has now climbed 4% over the last 24 hours, with many crediting the recovery to Elon Musk’s announcement yesterday that Tesla is "most likely" to start accepting Bitcoin as payment again.
The electric car manufacturer’s decision in May to halt the use of cryptocurrency for purchases sparked a price collapse that saw it half in value from an all-time high of $64,000. Speaking at The B-Word conference yesterday, Musk explained that Bitcoin’s environmental credentials had improved as miners had left China and the energy mix used to power the cryptocurrency’s creation were getting to a level he could accept.
Musk also stated that Tesla, SpaceX and himself personally all own bitcoin. He also noted that he also owns ethereum (ETH) and Dogecoin (DOGE), an announcement that saw a swift rise in prices for both cryptocurrencies. Ethereum has broken above $2,000 for the first time since 14 July and is currently changing hands around that mark, while Dogecoin is also up around 6% to $0.19. Others including Cardano are also in the green today.
There have been mixed feelings about Musk’s contribution to crypto over the past few months, with many now wary of putting so much reliance on a man whose words have proven bombastic over the years. Do his words still hold such weight that the price can recover to its recent highs? It remains to be seen, but it will simply be pleasing enough for many that bitcoin is becoming more environmentally friendly.
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