Elon Musk Reacts to Bitcoin Hitting New All-Time High
Bitcoin has set a new all-time high, soaring over $65,000, as the world’s most valuable cryptocurrency made its first entrance onto Wall Street, marking yet another step towards mainstream acceptance. Elon Musk, the CEO of Tesla, posted a meme on Twitter in celebration of Bitcoin’s record rise.
The billionaire’s meme depicts a couple lying in bed, looking at a screen on which Bitcoin is valued at $69,000 and Ethereum, the other major cryptocurrency, is valued at $4,200, respectively. Bitcoin now has a dominance ratio of 46.49 percent, according to CoinMarketCap. This was a 1.16 percent drop from the previous day.
Tesla said in February that it had purchased $1.5 billion worth of Bitcoin, the world’s largest cryptocurrency, and that it would accept Bitcoin as a method of payment for its vehicles.
Tesla’s CEO, Elon Musk, said in May that the business will no longer accept Bitcoin for vehicle sales, citing long-brewing environmental worries as the reason for the company’s rapid change of its stance on cryptocurrencies. Following his post, the price of bitcoin dropped by more than 10%.
The billionaire said that he believes cryptocurrencies has a bright future, but that growth must not come at the expense of the environment in any way.
— Elon Musk (@elonmusk) October 21, 2021