Within the past week, the tweet by Elon Musk is causing a lot of bitcoin loss.
For the past few months, the cryptocurrency market has been booming according to the tweet by Elon Musk, the boss of Tesla and the world’s second richest man. One of his tweets leads to a rise and fall in a particular cryptocurrency. It starts from the first week of February. In a regulatory filing, Tesla had said that it would now take payments in bitcoin and the company had also invested $ 1.5 billion in this cryptocurrency. In a few days, the bitcoin gained about 50 percent and it had reached the level of 45 thousand to 65 thousand dollars.
Within the past week, the tweet by Elon Musk is causing a lot of bitcoin loss. First of all, he said that Tesla will no longer accept payments in bitcoins. After this, its price has fallen by more than 17 percent. He tweeted this on 13 May. He said about Tesla’s decision that bitcoin mining requires a lot of energy, whose main source is coal (fossils fuel). Due to its mining, our environment has a bad effect. This is the reason why the company has decided not to pay in Bitcoin at the moment. At the same time, in his tweet of May 14, he said that I am a big supporter of cryptocurrency, but the way it has energy consumption in its mining, it cannot accept it.
According to information available on Coindesk’s website, at 2.25 pm Bitcoin was trading at the level of $ 45,446. In the last 24 hours, it has registered a decline of more than 7 percent. On February 8, Tesla informed about taking payments in Bitcoin. It was priced at $ 38461 on that day. The next day, its price rose to $ 44716. After Musk’s announcement, bitcoin has reached this level once again. Its all-time high level is $ 64,829.
Earlier on May 11, he held a poll on his Twitter in which he asked users whether Tesla should accept Dogecoin. On the basis of 39.22 lakh votes, 78.20 percent users said that Tesla should accept payment in DozCoin. 21.80 percent of the voters had voted against it. Talking about the performance of Dogecoin, there has been a historic increase of 10555 percent so far this year. It was trading at the level of 0.502 cents at 2.40 pm on the website of the Coin Desk. 0.740 cents is its all-time high level.
Meanwhile, a tweet from Elon Musk is also showing that if Dogecoin is not upgraded according to them, then they will also consider bringing their cryptocurrency. Actually, with respect to bitcoin, they say that it requires a lot of energy in its mining. According to TRG’s report, Dogecoin consumes 0.12-kilowatt hours of electricity for every transaction, while Bitcoin consumes 707 kilowatts of electricity. This is the reason that they are promoting it a lot at the moment.
Actually, one of the users asked him why you do not bring your own cryptocurrency which is technically highly upgraded. He should be at the top in every respect and the energy consumption is also very low. In response, Elon Musk said that if Dozquoin could not do this. However, creating a new cryptocurrency would be a very difficult task.