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Bitcoin perked up, in the wake of Tesla announcements

Bitcoin perked up, in the wake of Tesla announcements

Economy

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After an abysmal drop in mid-May, Bitcoin has regained its colors and is once again hitting the $ 40,000 mark. The mess around payments at Tesla seems to be fading.

Less than a month later its dizzying fall On May 19, when it had lost almost 30% of its value, Bitcoin seems to gradually recover.

Known for its volatility, the cryptocurrency jumped 12.5% ​​in 24 hours on June 14, to once again cross the $ 40,000 mark. A threshold that the currency had not crossed since May 26. Bitcoin, however, is still a long way from its all-time high on April 14, when it peaked at $ 64,895.

The most famous virtual currency benefits in particular from the latest Tesla announcements. In fact, the automaker has tempered its decision to decline bitcoin payments. The group’s chief executive, Elon Musk, said on Twitter that the company would again agree to charge for the cryptocurrency when it uses a reasonable amount of clean energy (50%).

Energy intensive currency

In fact, some consider Bitcoin to be an energy sink, due to its consumption of electricity. Cryptocurrency use emitted 69 million tons of carbon dioxide in 2017, revealed a recent study published in Nature Climate Change. And this, while the currency represented only 0.03% of the dematerialized transactions carried out in the world that year.

In the name of defending the environment, Tesla had announced give up digital currency middle of May. A decision that precipitated the fall of Bitcoin, in parallel to the twist of the Chinese authorities, which had accentuated the repression on the mining of the currency.

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However, not all states have the same position on cryptocurrencies. Unlike China, El Salvador has just provided the Bitcoin legal tender. The president of this country, Nayib Bukele, hopes that the currency will allow expatriates to send their money home more easily. Salvadorans will also be able to pay their taxes in bitcoins.