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Musk Comes To Terms With Bitcoin, The Leading Token Rebounces

Elon Musk seems to have come to terms with Bitcoin and maybe his “disenchantment” has ended. In his latest tweet, Musk said that he is not obtuse to the idea of accepting Bitcoins and that Tesla may accept Bitcoins for electric cars once Bitcoin mining is powered by cleaner and renewable sources of energy. 

Following Musk’s tweet, the market picked up and the prices of the leading tokens jumped in response. Bitcoin, which had been stubbornly refusing to drop below the $30,000 mark, jumped to $39,000 on Monday with a near 10% rise in 24 hours. What’s remarkable is it was the biggest percentage gain since June 9. 

Musk has been facing the wrath of Bitcoin lovers on Twitter and has been criticized for trolling the world’s biggest cryptocurrency. He has been instrumental in creating a bear market while much of it is also attributed to China’s anti-crypto policies. However, the relief came when last week El Salvador announced Bitcoin as a currency that has a legal value. It became the first country to effectively legalize bitcoins. 

Currently the Bitcoin market cap is about $733 billion. Since El Salvador’s announcement last week,  the leading token has been up by 7% in the last seven days. It’s still shy of 40% from its all-time high of $64,778.04 on April 14.


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