Tech giant Elon musk, along with another person Michael Saylor, Give information to the masses through Twitter that they have had a meeting on a call with the major miners from North America.
The meeting also was attended by galaxy Digital and many other bitcoin mining tech giants. The major discussion regarding bitcoin was done on Sunday, which included the topics related to energy usage transparency.
It is nothing new because Elon musk has been playing with bitcoin for a very long period now. On Monday, he tweeted regarding his meeting with the various bitcoin miners from North America, which also acted as another booster for the bitcoin industry, and the details are available at crypto currencies.
There were diversify topics discussed on the call, which various tech giants of the world hold and Saylor told the media that along with these discussions, the group of people who attended the meeting also agreed upon setting up a bitcoin mining council which will further look forward into the standardized energy reporting.
As it is always the case that tech giants like the owner of Tesla tweet or say something regarding cryptocurrencies, and it becomes a huge impacting factor on its prices.
As Tesla owner tweeted about the largest cryptocurrency, bitcoin, the prices of bitcoin further initiated. It was seen that the price of bitcoin increase by 19% and reach around $39,944 after the tweet.
Earlier on Sunday, the bitcoin prices reached as low as $31,132, and it was one of the lowest prices of bitcoins in recent times. It has been happening for a long period now, and it was the fourth time when the bitcoin prices fluctuated due to the tweets of Musk.
All this happened in the past two weeks, and it sometimes feels like Elon Musk is the main reason behind the fluctuation in the prices of bitcoin from the past month.
There is a large amount of unrest created among the people who are traders of such assets. The volatility which is being affected by any tech giant can be a serious problem for the ones who are just investors.
Suppose the prices keep fluctuating just by the tweets made by tech giants like the owner of Tesla or any other multinational company. In that case, it will be very hard to regulate the bitcoins in the future, which is believed to be bitcoin ready.
Therefore, many wall Street veterans are now concerned about such situations of bitcoins as they may not be ready for prime time.
The chief market strategist of Miller Tabak + Co. said that if the bitcoin prices keep fluctuating on the tweets of Alan musk, it will create a large amount of unrest among the asset class. Many people believe bitcoin is an asset in which they can invest their money and keep it for a long time, but that would not be the case if the same keep ongoing.
The wild swings because of such tweets can be a very drastic thing for the bitcoin market in the future. If we talk about the meeting held between the tech giants and bitcoin mining companies, they all concluded that educating the companies and individuals who form the bitcoins market can be an important step towards keeping this cryptocurrency market alive.
Sustaining mining of bitcoins can be a possible thing if we make it a priority of our actions.
Two weeks ago, Tesla told the world that it would no longer accept bitcoins for giving away its electric cars because the main purpose of creating these electronic cars is to initiate green energy, and the bitcoins may go against it.
Even if there was a conclusion at which the meeting reached sanitizing the energy usage reporting, it is not possible to become a reality soon. For some large miner companies, It is going to take years so that they can recalibrate their energy sources for mining bitcoins. As a conclusion of this meeting between the parties, the pleasure of making the bitcoin mining industry even more green is trending.
The main purpose of initiating such a meeting is to make the crypto industry greener by 2030. The major influence which is given to the meeting was derived from the Paris climate agreement. However, the energy uses problem may not be a matter of huge concern for Elon musk because he has already earned $1.5 billion through bitcoins this year only.
