Musk can really wave with a bitcoin course. It was his decision that helped drive the course of the most famous cryptocurrency in the world to dizzying heights.
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The carmaker Tesla became a major player in the cryptocurrency market in February, when it bought bitcoins for $ 1.5 billion (over 32 billion crowns). The exchange rate responded almost immediately by growing by more than $ 10,000 (CZK 211,810) in a single day.
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Last week, however, Musk announced on Twitter that he was suspending bitcoin payments. He justified this by saying that he was “bothered by the growing consumption of fossil fuels in bitcoin mining.” However, he emphasized that he still considered cryptocurrencies to be the currency of the future.
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He also reckons that people could use bitcoins in his car factory again, but only at a time when mining, which consumes a large amount of electricity, will not have such an impact on the environment. However, it is very unlikely that bitcoin will be mined in a more environmentally friendly way in the foreseeable future. Just because the vast majority of miners operate in China.
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Tesla founder Elon Musk.
Foto: Bobby Yip, Reuters
Bitcoin reacted to Musk’s decision on Thursday last week with a sharp drop. On Wednesday, another virtual coin was worth $ 57,718 (CZK 1,210,810), but on Thursday the exchange rate fell to $ 46,294 (CZK 971,160) at one point.
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And another big drop came on the night from Sunday to Monday. An unauthenticated Twitter user nicknamed Mr. Whale said: “Bitcoin owners will slap themselves next quarter when they find out that Tesla has sold the rest of its bitcoins. But I wouldn’t blame Elon Musk for that. “
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One word was enough
Surprisingly, Musk himself responded with a stoic message “indeed”. However, it is not clear from the affirmative answer whether one of the richest people in the world reacted to the sale of bitcoins or to the issue of hatred. Nevertheless, it caused panic in the market and, due to sales, the exchange rate began to fall again.
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On Sunday, one virtual coin was offered for $ 49,605 (CZK 1,040,640), but on Monday the exchange rate dropped to $ 42,212 (CZK 885,050) at one point.
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