Bitcoin Takes Off Thanks to Elon Musk

  • Investing.com
  • Cryptocurrency News
Bitcoin Takes Off Thanks to Elon Musk
Credit: © Reuters.

Investing.com - Bitcoin rebounded strongly yesterday and last night, after spending approximately 24 hours below the key psychological threshold of $ 30,000, peaking at $ 32,800 yesterday, after an increase of more than 9% in about 15 hours.

Bitcoin's gains yesterday morning could only be explained by a rebound against cheap buying after Bitcoin fell below $ 30,000, but they were then heightened by an intervention by Elon Musk, the boss of Tesla (NASDAQ: TSLA ) ( NASDAQ : TSLA ).

On the occasion of the B World conference on cryptocurrencies which was also attended by Jack Dorsey, the boss of Twitter (NYSE: TWTR ), and Cathie Wood, the manager of Ark Invest, Musk certainly declared that Tesla will undoubtedly accept Bitcoin as a means of payment again, thanks to the growing proportion of renewable energies used by Bitcoin mining.

Elon Musk, Tesla and Space X have invested in Bitcoin

He also confirmed that he owns Bitcoins in a personal capacity, along with Tesla (which we already knew) and Space X (which was expected but not confirmed).

"I do own Bitcoin, Tesla owns bitcoin, SpaceX owns bitcoin, and I personally own some Ethereum and Dogecoin of course."

He also assured that these investments are there for the long term:

"We don't sell bitcoin, I don't sell anything personally, and SpaceX doesn't sell bitcoin either," he said.

“If the price of bitcoin goes down, I lose money. I can pump but I don't dump,” Musk said. “I absolutely don't believe in pushing the price up and selling or anything like that. I would love to see bitcoin succeed,” he also said.

While there were other factors behind yesterday's Bitcoin rebound, these comments by Elon Musk undoubtedly helped Bitcoin.

Despite everything, the graphical context calls for caution, as Bitcoin has failed to maintain above $ 32,000, and a downtrend line visible in hourly data since June 29 is currently located towards $ 33,000, a threshold that must therefore be crossed for the technical profile of BTC / USD to really improve.

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