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BTC Soars Past $40,000 Following Musk Tweet And Tanzania News

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BTC Soars Past $40,000 Following Musk Tweet And Tanzania News

The price of BTC (BTC) rose over 14% on Monday, easily crossing the magic $40,000 mark, after almost three weeks of languishing in the mid-to-high $30,000’s.

BTC’s price peaked at $41,117, setting a new monthly high for June, and coming on the heels of a weekend of wild price swings. 

The wave of positive sentiment came on the back of a number of tweets from Tesla CEO Elon Musk, and an announcement that the Republic of Tanzania was making plans to legitimize BTC

Musk has been something of a Pied Piper to BTC since the electric car maker announced a $1.5 billion BTC buy in February and said that it would allow cars to be paid for in the cryptocurrency. The move helped to push the cryptocurrency’s price to over $60,000 during the following weeks.

Soon afterward, however, Musk changed his tune and said that Tesla would no longer accept BTC, citing concerns about the cryptocurrency’s energy use. A regulatory crackdown in China added to BTC’s woes. 

Now, in another apparent volte face, the Tesla boss has indicated that the BTC ban was not permanent while responding to criticism about his influence on the price of the cryptocurrency. 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing BTC transactions,” Musk tweeted on Sunday. He did not state how this confirmation would happen

Last week’s announcement that El Salvador planned to make BTC legal tender in the country failed to significantly affect the price, but the move may have started a larger trend. 

Elon Musk Wants BTC to Use ‘50% Clean Energy’—But How Will He Know?

Several south and central American nations have signalling their intent to follow El Salvador’s lead, and on Sunday, Tanzania’s President, Samia Suluhu Hassan, told financial chiefs of other East African nations that they should prepare plans to introduce cryptocurrency, or risk being caught out. 


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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