Bitcoin Goes on Another Roller Coaster Ride After Musk Tweets Again

Bitcoin has been on a very volatile roller coaster this month and has begun to rebound from its epic fall in the last week.

The bounce comes after Tesla’s CEO Elon Musk went to his Twitter for another tweet about the #1 digital currency.

Apparently Musk, who is highly influential in moving cryptocurrency prices by just tweeting, has said he talked to North American Bitcoin miners. The electric vehicle maker’s Chief has been having active discussions regarding the sustainability of the digital coin.

The price of Bitcoin exploded around 4% on Monday afternoon after Musk made the tweet.

Bitcoin was trading around $38,074, according to Coindesk, when at about 3:42 p.m. ET Musk posted on Twitter.

His tweet read, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

Within minutes, the price had shot up to more than $39,500. Overall, the coin is up more than 17% in the last 24 hours.

Microstrategy CEO Michael Saylor has confirmed that he had hosted a meeting between Musk and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.

It was earlier this month that Musk had tweeted that Tesla had “suspended vehicle purchases” using bitcoin, out of concern over “rapidly increasing use of fossil fuels” for bitcoin mining.

A February SEC filing revealed that Tesla had purchased $1.5 billion worth of bitcoin and would accept it as a form of payment. The company later said it registered a net gain of $101 million from sales of bitcoin during the quarter.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.