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Will Elon Musk’s Attempt For A Greener Bitcoin, Amplify Its Price?

Highlights

    Elon Musk held talks with the North American miners who share less than 10% of the BTC mining hashrate

    Bitcoin regained bullish momentum and close to surpass $40K, however, the impact of Musk’s recent tweet cannot be ruled out

    With just a small portion of miners accepting to use renewable energy for mining, it would be interesting to watch how better the BTC price will be impacted

Is Bitcoin Price Still Dependent On A Person?

Elon Musk, nowadays is known as a ‘pumper or dumper’ of either Bitcoin or dogecoin. As his mentions in recent times have slashed the BTC price to lower levels and also uplifted to certain extent. 

In a recent update, Mr.Musk along with CEO of MicroStratergy, Micheal Saylor, held talks with the miners of North America, in order to make Bitcoin mining more greener. Despite the talks appearing to be fruitful, the core lies whether the 8% of the miners can create a big impact for the miners worldwide?

As per reports, the miners in China hold a huge share of nearly 65% of Bitcoin mining hashrate compared to nearly 7% to 8% of North America and Canada. And hence, if the mining process needs to be more environmentally friendly, then Chinese miners may play a vital role. 

On the contrary, the possibilities of Elon Musk trying to stabilize the collapsed market through his mentions cannot be ruled out. And if this is true, then the time has come to really think whether the decentralized Bitcoin price is dependent on a single person!

Also Read: Will Bitcoin Price Quit the Bearish Sentiment Soon? Here Are 4 Reasons Suggesting How and Why!

BTC Price May Hit $42K Soon

The BTC price is experiencing an extreme roller coaster ride like never before. The price trading around $50K slumped down to $30K and later rebounded back towards $40K. Later, the price again fell close to $31K and surged above $38K. Interestingly, these price movements were recorded within just a couple of days. 

However, currently it appears that the price has mounted an extreme bullish momentum and is set to propel to the newer highs. The asset has multiple resistance levels in between $38K and $40K. And as predicted by a popular analyst, The Wolf Of All Streets, $42K appears to be an achievable target.

Collectively, bitcoin being decentralized appears to be capitulated, as the price tends to vary extremely with any rounds of news. On the other hand, Elon Musk’s attempt for a greener bitcoin mining may open the doors for yet another multi-trillion dollar industry  in coming days. 

Also Read: XRP Price Poised To Rebound Soon, How High Will It Rally?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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