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Tesla CEO Elon Musk said last month that he would not accept payments in bitcoin. -symbolic picture
Tesla CEO Elon Musk has once again hinted at accepting bitcoin. Musk has said that Tesla will accept the transaction again after the mining of bitcoin is complete. Musk said in a social media post that Tesla will approve bitcoin transactions when bitcoin miners start using 50% clean energy for its mining.
Said this in response to social media post
Indeed, Magda Wierjica, executive chairman of South African asset manager Sizania, had raised questions about Elon Musk’s tweets regarding bitcoin. Magda said Musk’s tweets should be investigated by the US Security and Exchange Commission. In response, Elon Musk said, “This is wrong. Tesla only sold 10% of its bitcoins.
bitcoin price jump
After the statement of Elon Musk, the price of bitcoin is seeing a jump again. The price of bitcoin was up 9.3% to $39,372 per unit in New York on Sunday afternoon. This was its highest level since June 3. According to CoinMarketCap, bitcoin has reached an all-time high of $39,746 per unit in the past 24 hours. On Monday morning it is trading at $ 39,127 per unit.
Tesla invested in bitcoin this year
Tesla announced earlier this year the purchase of $1.5 billion in bitcoin. Tesla then said that it would accept bitcoin as a form of payment for the sale of cars in the future. After Tesla’s announcement, there was a sharp jump in the price of bitcoin. Now Musk has said that Tesla will not sell any bitcoins.
Musk described bitcoin as better than cash
While announcing the investment in bitcoin, Elon Musk said that his company Tesla may accept bitcoin as a payment option in the future. A few days later, Musk said that it is better to hold bitcoin than cash. He said that when there is negative real interest in fiat currency (rupee, dollar etc.) then no fool will look for other option. Musk said that like fiat currency, bitcoin also has its drawbacks.
Was told not to take bitcoins only last month
Elon Musk said last month that he would not accept payments in bitcoin. Musk said in a social media post that Tesla would not accept payments in bitcoin due to environmental concerns. After this tweet by Musk, the price of bitcoin was down by up to 17%. Musk said that we are concerned about the increasing use of fossil oil used in bitcoin mining and transactions. Especially regarding the use of coal, which spreads more pollution than any fuel.
What is cryptocurrency?
Cryptocurrency is a type of virtual currency. It is also called digital currency. Transactions can also be done with cryptocurrencies like currency like dollars or rupees. There are currently more than 4 thousand cryptocurrencies in circulation in the world. Bitcoin is the most popular cryptocurrency among them. Every bitcoin transaction is recorded on a public list via the blockchain. Which is a record maintenance system done by different users in a decentralized manner.
How is cryptocurrency created?
Cryptocurrencies are created through mining. It is virtual mining in which a very complex digital puzzle has to be solved to get cryptocurrency. Solving this puzzle requires your own algorithm (programming code) as well as a lot of computing power. So in theory it can be said that anyone can make cryptocurrency, but in practice it is very difficult to make it.