London, UK, 4 August 2021, ZEX PR WIRE – The tech titan, Elon Musk is here to make sure that no one loses faith in cryptocurrency. Subtle yet effective, his discussion on the virtual panel at the B-word conference on Wednesday, hosted by the crypto council for innovation, bought a surge in the price of Ethereum. Along with Elon Musk on the panel were Musk’s favourite social media platform, Twitter’s CEO and CEO of payment company Square, Jack Dorsey. In addition to that Ark invest founder and CEO Cathie Wood’s was there too. This speech bought a lot of attention to cryptocurrency, especially with the tweets that Elon Musk sent out after the conference.
Elon Musk is part of the reason for Bitcoin’s revival. He has been outspoken about his support, which may have increased public interest in cryptocurrencies as a whole and contributed to their recent upswing. Victoria-Coins Broker Jimmy Lyn explores more on this situation and how this could leave a significant impact on the market.
Ethereum Prices Surge
Elon Musk’s carefully chosen words and strategic moves have surely caused a surge in Ethereum prices. In his speech, he revealed that apart from bitcoin, he also owns Ethereum and Dogecoin. Right after this statement, the Ethereum Blockchain rose to $1,980.8, which is 12%. While the bitcoin bounced back too, it rose from $30,000 to $32,000 level which is about 7.9%. Bitcoin prices haven’t climbed up this way since the last two sessions. This surge also reflects the third time since late 2019 that bitcoin has finally found support at its 55th-week moving average.
Dogecoin wasn’t left behind either, it gained over 9% to $0.19. Interestingly, other digital coins like XRP, Cardano, Uniswap also didn’t stand behind either and surged within the range of 6-10% in the last 24 hours.
“I might pump but I don’t dump”
Who knew wisely chosen words can have such a huge impact? Since mid-May, the market value of crypto has gone $1.3 trillion. Even Bitcoin has faced major obstacles, especially due to the collective regulatory scrutiny from China, Europe, and the U.S. Along with concerns regarding the energy required by the computer underpinning it which has caused a lot of stir due to the environmental concerns that come with it. Since then, investors have been extremely cautious of speculative assets. As a result of this, bitcoin’s advance this year dropped about 8%., followed by a slide from an April record of about $65,000.
However, Elon has exhibited undeniable and strong faith in crypto. In his words, “If the price of bitcoin goes down, I lose money. I might pump but I don’t dump”. He continued, “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”
These statements appear to have paved the future for crypto because since then the process for major cryptocurrencies has risen and many have regained their faith in Bitcoin again.
Elon even confirmed that Tesla and SpaceX only own bitcoin and no other cryptocurrency at this time.
Is Tesla Accepting Bitcoin again?
Elon in his speech also hinted that he will most likely soon resume accepting Bitcoin for purchases after mining becomes less environmentally taxing. The company had started accepting bitcoin as a form of payment, At the same time, Tesla publicly purchased a historic $1.5 billion in bitcoin but stopped only three months later due to environmental concerns. Much of the drop in bitcoin pricing has been due to the bad reputation it has gotten for energy utilization.
However, at the B-word Conference, Elon stated, “It looks like Bitcoin is shifting more towards renewables……. I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50% ”. So, one can expect that bitcoin will again be the purchasing currency for Tesla. Certain analysts also anticipate that Elon Musk will add other cryptocurrencies as payment options too.
What do others have to say?
Edul Patel, the CEO, and Co-founder of Global Crypto Trading Platform, Mudrex has some interesting insight on this occurrence. According to him, “The past 24 hours saw the cryptocurrency markets lifting higher after almost seven continuous days of sell-off. It has been nothing short of a fantastic turnaround for the major cryptocurrencies. With this trend reversal, reversal investors would be breathing a sigh of relief. Bitcoin rebounded from its crucial support level and jumped back,” from what we can gather it is a positive sign for investors and the surge confirms it.
Patel continues, “It could be tempting for newer crypto traders to jump into the markets now. However, we are not in a bull market yet. We are merely witnessing a reversal, and the continued buying pressure would decide whether this momentum sustains. The traded volumes would go up if the buying sustains and that would pull the entire crypto market higher.”
The purpose behind the B-word conference was to “de-stigmatize”, “de-mystify”, and “correct the mainstream narrative” around cryptocurrencies, especially bitcoin, and establish acceptance for it. The sudden surge in prices confirms that this conference was a success and achieved its purpose. After all, the numbers don’t lie. However, now the question remains whether this surge is momentary or will it continue.
And if we know our tech king well, one can wonder whether his carefully selected words were just there to express his personal opinion or were they a power move for a more established strategy to support bitcoin.
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