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1 August 2021
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Bitcoin Bounces Back to $30K as Elon Musk Reiterates His Bitcoin Backing

Bitcoin bounces back to $30K as influential Elon Musk reiterates his backing of Bitcoin in a virtual conference. Bitcoin (BTC) rose to $32,752 on Wednesday, July 22nd, amid bullish remarks from Musk.

Elon Musk appeared in a panel with Jack Dorsey, CEO of Twitter and payment company Square, and Cathie Wood, the founder and CEO of ARK Invest, wearing a t-shirt symbolizing the evolution of money to Bitcoin, at “The ₿ Word”, a virtual Bitcoin (BTC) conference, on Wednesday, July 22nd.

At the event, Musk revealed for the first time that his space venture SpaceX also owns Bitcoin (BTC). SpaceX is yet to announce this purchase and he did not reveal any additional details about the purchase.

Bitcoin started the talk by explaining the issues with the traditional payment systems and said that Bitcoin is the perfect candidate that can solve these problems. The most notable moment of the talk was when he revealed that apart from Tesla, he personally and SpaceX also own Bitcoin. Without giving the further details, He said:

“I do own Bitcoin, Tesla Owns Bitcoin, SpaceX owns Bitcoin, and I personally own a bit of Ethereum (ETH) and Dogecoin (DOGE) of course.”

b-world-event

Musk further noted that neither he nor his company is selling any Bitcoin. He commented:

“I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”

Elon Musk has been the mover of the crypto market since February 2021. In February, Tesla purchased $1.5 billion worth of Bitcoin and announced to add Bitcoin as a payment option for Tesla’s vehicle purchases, which sparked a major Bitcoin price rally that saw the coin’s price reaching near $65,000.

The Bitcoin bull run came to an abrupt end after Tesla stopped taking Bitcoin payments due to environmental concerns. In the discussion, Musk noted that electric automaker was on the verge of accepting Bitcoin (BTC) payments again following promising signs the percentage of renewable energy used for mining was increasing.

According to CoinMarketCap, Bitcoin started Wednesday at around $29,700 but rose to a 24-hours high of $32,752 in the last hour of Wednesday. At the time of writing, Bitcoin is changing hands at 31,965 with a 6.90% increase in the last 24 hours.

The recent Chinese crackdown on the crypto mining industry has increased the hash rate of mining rigs in the US and Canada, where most of the electricity used is renewable. So, Bitcoin is steadily moving towards clean energy and the community could expect a promising future.

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