SpaceX Founder and Chief Engineer Elon Musk speaks at the 2020 Satellite Conference and Exhibition on March 9, 2020 in Washington, DC.
Win McNamee | Getty Images
Bitcoin’s price rose after Tesla CEO Elon Musk said Sunday that the electric vehicle maker could start accepting Bitcoin transactions again in the future.
Bitcoin jumped to $ 39,240, according to Coinbase, up 9.5% in the last 24 hours, compared to the $ 34,880 level at the start of Sunday trading. Since the beginning of the year, Bitcoin is up more than 30%, despite seeing wild swings. It hit an all-time high of $ 64,829.14 in April and hit a low of nearly $ 30,000 in May after a 30% intraday crash.
The weekend gains came after Musk said on Sunday that Tesla would resume Bitcoin transactions “if there is confirmation of reasonable (~ 50%) clean energy use by miners with a positive future trend.”
Tesla stopped buying Bitcoin cars in mid-May, citing concerns about the climate impact of cryptocurrency mining.
Crypto mining requires enormous amounts of energy to run powerful computers – Bitcoin mining uses more energy than entire countries like Finland and Belgium, according to the Cambridge Bitcoin Electricity Consumption Index.