• The cryptocurrency market showed signs of relief as Elon Musk has restated his support for digital assets. 
  • The multi-billionaire revealed that he owns three cryptocurrencies at the moment. 
  • Tesla would resume accepting Bitcoin once Musk confirms that 50% of mining energy usage is renewable.

Elon Musk has once again rescued the crypto markets after revealing that he personally holds Bitcoin, Ethereum and Dogecoin. The Tesla CEO further disclosed that the electric vehicle company is “likely” to resume accepting the leading cryptocurrency.

Elon Musk would like to see Bitcoin succeed

The SpaceX CEO joined a panel at “The B Word” conference alongside Jack Dorsey and Cathie Wood. Musk stated that he personally holds Bitcoin, Ethereum and Dogecoin, while his companies SpaceX and Tesla both held the bellwether cryptocurrency.

The multi-billionaire added that he would not be selling any of his crypto holdings, and neither would the two companies he founded. He added that he “would like to see Bitcoin succeed.”

While the crypto community has accused Musk of profiting from encouraging the rise of digital assets over the past few months using his influence on Twitter with over 58 million followers, the entrepreneur stated that he as well would lose money as Bitcoin goes down, but he would still not sell any of his crypto assets.

The Tesla CEO joined Twitter CEO Dorsey and Ark Invest CEO Woods in discussing the challenges posed by scaling Bitcoin and its environmental impact. 

Musk previously announced that Tesla would halt the acceptance of Bitcoin as payment, but stated at the conference that the leading cryptocurrency appears to be shifting more toward renewable energy and that many coal plants have been shut down in China. 

Once it is confirmed that 50% of Bitcoin mining energy usage was renewable, Musk said that Tesla would restart accepting BTC as payment for vehicle purchases again. He added that he is looking to do more due diligence for the final confirmation. 

Woods further urged corporations to add the leading cryptocurrency to their balance sheet, citing that BTC would act as “a hedge against inflation.” 

Bitcoin price prints 11% recovery 

Bitcoin price has made a swift recovery since Elon Musk announced his support for the digital asset industry. BTC jumped 11% back to above $32,000 on Wednesday, despite recently losing support at $30,000.

Bitcoin price flashed a bottom signal from the Momentum Reversal Indicator on the daily chart, suggesting that BTC has room for upside potential.

The leading cryptocurrency appears to be recovering slowly, but further buying pressure could push Bitcoin price higher to tag the 20-day Simple Moving Average (SMA) at $32,775, coinciding with the 27.2% Fibonacci extension level. 

Bitcoin USDT

BTC/USDT daily chart

However, only a close above the first line of defense at $31,109 would support the bullish thesis. Otherwise, Bitcoin price could continue consolidating within a tight range, before falling into the demand zone that extends down to $28,783.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What’s next after cryptos meet stiff resistance

Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.

More Bitcoin News

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.

More Cardano News

Traders must watch out for this bull trap SafeMoon price is forming

Traders must watch out for this bull trap SafeMoon price is forming

SafeMoon (SFM) price looks promising today for a pop higher and a test of the technical moving average at around $0.000600000. With the current soft patch in global markets, tail risks are still very much present and could flare up at any moment.

More SafeMoon News

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

Brad Garlinghouse, CEO of Ripple, has affirmed a move outside the US if the payment giant loses the SEC vs. Ripple lawsuit. Ripple has been embroiled in a legal battle, defending its sale of XRP and the altcoin's position as a non-security since December 2020.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP