Bitcoiners can leave the Elon Musk drama behind, with the leading cryptocurrency fully recovering from the Tesla-induced drop
Bitcoin hit the $ 57,000 level for the first time since Tesla stopped accepting payments in the largest cryptocurrency.
The benchmark crypto hit an intraday peak of $57,448 on the Bitstamp exchange, with bulls being in complete control of the market for now.
On May 12, Bitcoin was attempting to recover the $ 58,000 level, but Tesla’s crushing decision tipped the scales decisively in favor of the bears. The cryptocurrency crashed over 16% in mere hours after CEO Elon Musk abruptly announced the suspension of payments and amplified concerns about its carbon footprint.
As a result, Bitcoin’s negative environmental impact has been brought to the forefront of the crypto debate, with leaders of alternative “green” cryptocurrencies rushing to present their plans.
The countless tweets of Bitcoiners who were trying to convince Musk about the benefits of mining seemingly fell on deaf ears, and things reached a boiling point when Musk suggested that Tesla could possibly sell its nine-figure Bitcoin holdings—because of how he is being treated by the community.
Musk’s ‘diamond hands’ tweet, which virtually confirmed Tesla’s reluctance to sell his stash of Bitcoin, led to a relaxation with irrepressible Bitcoiners. In late May, the richest man on the planet also held a meeting with North American Bitcoin miners, and it provided short-term relief to the clobbered price.
At the “B Word” conference in late July, Musk said Tesla was likely to resume accepting Bitcoin payments:
Most likely the answer is that Tesla would resume accepting Bitcoin.
Bitcoin has grown over 80% since that statement.
