Following a steep correction seen last week, Bitcoin has been struggling to get back above $40,000. Michael Saylor, CEO of MicroStrategy, and Elon Musk have been making efforts to boost the price of the flagship cryptocurrency. But how can they help?
According to the latest tweet by Tesla CEO, there have been talks of meeting with North American Bitcoin miners to take on a green energy initiative of mining. Following the announcement made by Elon Musk, the price of BTC was seen to be near $40,000 and currently stands at $38,081 (at the time of writing).
Considering the bearish momentum of the crypto market it can be challenging for novice parties to determine if this is the right time for them to invest in Bitcoin or not. However, for many potential investors, the interest of Musk and Saylor in the crypto industry has been a positive indication, which has led them to step into the crypto space.
How Green Energy Initiative Can Benefit BTC?
Earlier this month, it was reported that Tesla stopped accepting Bitcoin as a form of payment for its electric vehicles. The CEO of the electric vehicle company, Elon Musk, stated that the company had to suspend the use of BTC due to the impact of its mining on the environment.
This came as a shock to many and caused the price of the flagship cryptocurrency to spiral down. However, after Elon Musk’s tweet of a renewable energy initiative for BTC mining, the crypto enthusiast are now optimistic about a price surge in the digital asset.
Elon Musk tweeted:
Shortly after, Michael Saylor also tweeted and said:
After Musks’ tweet of meeting with miners to promote energy usage transparency, a 10% increase in BTC’s price was seen in the last 24 hours. Following the initiative taken by two of the most popular names in the crypto world, it can be anticipated that Bitcoin will soon surge higher.
Is it Time for you to Invest?
According to CoinGecko, the price of Bitcoin was observed to be as high as $40,417 yesterday, which indicated a possible rise in the flagship cryptocurrency. The renewable energy initiative taken by Elon Musk and Michael Saylor is also likely to contribute to BTC’s price surge.
The crypto market is somewhat unstable at the moment, however, not all hope is lost for cryptocurrencies. While the price of Bitcoin took a hit and most of the short-term parties sold the BTC they invested in, the long-term investors did not sell off but instead made even more investments. These can be encouraging facts for someone who is looking to step into the world of crypto.
Therefore, if you want to invest in Bitcoin then the best way to do so is to choose reliable bitcoin exchanges such as SwissBorg or Kraken. Potential or existing traders should also be careful while choosing an exchange for crypto trading. People planning on crypto trading can use ByBit, which is one of the top crypto exchanges in the market.
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