Bitcoin Rises to Near $40K After Musk Tweets About BTC Mining’s ‘Promising’ Renewable Usage

The price for bitcoin, already up on the day, received an extra boost from a new tweet by Tesla CEO Elon Musk on bitcoin mining’s “promising” renewable usage, as it’s near a key resistance level at $40,000 during U.S. trading hours on Monday.

The news takes on added significance as it was Musk’s comments on May 13 regarding bitcoin’s environmental impact that started a dramatic sell-off in the crypto market that gathered force last week and continued through this past weekend with bitcoin dropping to just above $31,000 Sunday.
Monday’s quick recovery came as demand from wealthy investors appears to have brought relief to the battered cryptocurrencies, as CoinDesk reported earlier.
Adding support to bitcoin’s price Monday was Bridgewater Associates founder Ray Dalio, who said he owns some bitcoin. He mentioned that during an interview recorded on May 6 and broadcast during the first day of CoinDesk’s Consensus 2021 conference.
The oldest cryptocurrency by market value extended its gains Monday afternoon after Musk tweeted about bitcoin mining’s “promising” renewable usage.
“Spoke with North American Bitcoin miner,” Musk wrote in a tweet. “They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Michael Saylor, the founder and CEO of MicroStrategy, appeared to have joined the meeting with Musk along with several bitcoin miners in North America, as Saylor implied in a follow-up tweet from Musk’s post.
“The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide,” Saylor wrote.
During last week’s market crash, Saylor announced that his business intelligence firm has purchased another 229 BTC for $10 million in cash.
According to Saylor, executives from Argo Blockchain, Galaxy Digital, Blockcap, Hive Blockchain, and a few other mining companies based in North America, were at the meeting.
Several factors led to the market crash last week including China’s latest news about tightening crypto regulations.