- When news emerged on September 14th that BTC achieved a significant milestone that could bring a new wave of hope to the crypto community, a glimmer of hope appeared.
- In February 2021, Tesla announced a $1.5 billion investment in Bitcoin to diversify its cash reserves and maximize returns.
- Bloomberg analyst Jamie Coutts explained that Bitcoin mining energy from renewable sources has surpassed 50%, citing “decreasing emissions plus a dramatic increase in hash rate” as the reasons.
Recent developments related to Bitcoin suggest that Tesla might accept Bitcoin payments again, potentially acting as a critical catalyst for the bull season!
Tesla Could Be Significant for Bitcoin’s Rally
Bitcoin (BTC) has seemed to trade within the range of $26,000 for the past few weeks. However, when news emerged on September 14th that BTC achieved a significant milestone that could bring a new wave of hope to the crypto community, a glimmer of hope appeared. This development could potentially bring fresh hope to the crypto community.
In February 2021, Tesla announced a $1.5 billion investment in Bitcoin to diversify its cash reserves and maximize returns. Furthermore, the world’s largest electric vehicle manufacturer became a pioneer in accepting BTC as a payment method.
However, this excitement was short-lived. Just a few months later, Elon Musk’s Tesla announced it would suspend vehicle sales using BTC due to concerns about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions. The company made the following statement:
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”
Elon Musk later stated that Tesla would consider resuming BTC payments once miners use clean energy for more than 50% of their operations. Considering that this condition is now reported to be met, it could potentially signify a turning point.
On September 14th, Bloomberg analyst Jamie Coutts shared on Twitter that Bitcoin mining energy from renewable sources has exceeded 50%, attributing it to “decreasing emissions plus a dramatic increase in hash rate.”
This development comes after Bitcoin miners began moving away from China following the country’s mining ban in 2021. Additionally, other countries have entered the field of crypto mining to “strategically convert excess energy into money.”
What does this mean for BTC’s price?
It is still too early to draw conclusions, but if Elon Musk brings back BTC payments thanks to increased use of clean energy, it could potentially lead to a new bullish pressure on the leading crypto asset, especially among institutional investors.
However, regardless of Musk and Tesla, Bitcoin surpassing 50% clean energy usage is a significant milestone that could catch the attention of other environmentally conscious investors and companies.
As of September 15th, BTC is trading at $26,480, showing a slight 0.10% decline over the past 24 hours. While the cryptocurrency has risen by 1.7% on a weekly basis, it has lost nearly 10% on a monthly basis. Nevertheless, it still maintains strong gains of over 60% since the beginning of the year.
