BigONE’s Conclusion: Did Elon Musk contributed to Bitcoin returning to $40,000?

On June 16th, Bitcoin's (BTC) price rose and retrieved back to $40,000. This is good news for significant investors who are still in their low days, which regain some confidence back. Statistics indicate that most of the major cryptocurrencies’ prices in the last 24 hours have increased. However, most mainstream currencies have not increased as much as Bitcoin, which has increased by nearly 8% within 24 hours.

Many organizations and individuals should thank KOL Elon Musk, CEO of the largest electric car company, Tesla. The comment of Elon Musk undoubtedly causes a huge blow in the crypto circles. Today, BigONE clarifies everyone’s confusion and curiosity about whether Elon Musk has helped increase this time.

When Elon Musk disclosed that his company, Tesla, will support Bitcoin payment, Bitcoin soared to a record high. Shortly afterward, he tweeted his concern over the effects of Bitcoin Mining on the environment. He changed Tesla’s crypto payment policy, which has reduced Bitcoin’s price by half, causing the entire crypto market to be corrupted. When Elon Musk expresses his support for crypto, the price for the currency will rise. And when he shows a negative face on Bitcoin, which means he will break up with Bitcoin, the currency's price will fall.

In BigONE’s view, the crypto field has been profoundly affected by one person in a business that embraces decentralization. BigONE truly hopes that its dependence on Elon Musk can be replaced as soon as feasible from the crypto market. But the tweets of this technology magnet, contrary to forecasts, have become one of the leading external influences in the price of crypto assets. Elon Musk’s position and objectives in the cryptocurrency industry are still worthy of discussion and analysis in terms of his impact on the crypto-currency sector.

Thus, did Elon Musk contribute for Bitcoin returning to $40,000?

According to the analysis of BigONE, half the credit for the growth this time was given for his words and his decision that pushed Bitcoin to $39,000, and the other half to $40,000 is from the legendary trader Paul Tudor Jones.

On June 13, 2021, one of the main reasons for the increment on Sunday (Monday morning, Beijing time), Elon Musk tweeted that if Bitcoin miners use half of their clean energy to explore mining. The future tendency for Bitcoin is good, Tesla. Tesla’s shop will continue to accept Bitcoin as a method of payment for Tesla car buying. This has led Bitcoin to surge over 10% reaching $39,000.

Paul Tudor Jones’s comments with CNBC Financial Media are a secondary push force for Bitcoin to break $40,000. The billionaire that has earned as high as three-digit percentages for five consecutive years reaffirmed last year’s view that ‘Bitcoin can be a solid hedge against inflation.’ And praised Bitcoin as an ideal diversification tool for investment. He also said that Bitcoin’s growth is closely attached to the information. His optimism caused a further $700 increase in the price of Bitcoin to reach $40.000.

We should emphasize that, despite applauding Bitcoin as a diverse tool, he is also concerned about the negative impact of Bitcoin on the environment. Furthermore, he said that he would ban Bitcoin mining if he were the king of the world. BigONE also believes that the hidden danger of environmental damage could be one of the major reasons for Bitcoin being heavily regulated. BigONE reminds all investors to treat the rise and fall of cryptocurrencies rationally and avoid impulsive investment.

About BigONE

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.

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