The relationship between Bitcoin, Tesla and Elon Musk is most striking in the first instance, but especially revealing, when you stop to think about it a bit. And it is not something new, in fact it is something that we already talked about some time ago, and that now has only been confirmed, although it does not leave any of the parties involved in a good place, absolutely none of them.
The news is that, as we can read on The Next Web, The price of Bitcoin has risen as a result of statements by Elon Musk, stating that Tesla could once again accept payment in this cryptocurrency. The statement came at an appearance by Musk at the B World conference, and a first point to note from those words is that he did not say that the company is going to do it, only said that it is likely to do so. And yet, investors have acted as if it were already a reality.
The condition established by Tesla to accept Bitcoin again as a means of payment is that at least 50% of the energy used in operations related to this cryptocurrency originates from renewable sources. The problem is that, at least today, this is just a toast to the sun, since the countries that are currently a power in this sense, mainly China, still have many steps to take to reach that idyllic percentage.
However, despite the fact that this statement today points to a rather distant horizon, investors have not hesitated to celebrate it with a rise, which has led Bitcoin to rise to $ 32,000. Recall that not too long ago, Bitcoin was fighting not to break, below, the psychological barrier of $ 30,000, something that happened for example last Tuesday, so we are talking about a more than considerable rise.
Most important, however, is that history has repeated itself: Elon Musk has spoken and Bitcoin has responded. Recall that the biggest rise in the history of cryptocurrency occurred when Tesla began to accept payments in Bitcoin. And yes, surely you remember, the same happened with his last puncture, which had as its primary cause that Tesla reported that it stopped accepting payments in this currency.
Anyone would have thought that, out of prudence, Musk would refrain from making statements that would influence the price of Bitcoin again, but of course, we already know how it is. The problem is that it has once again shown that the movements or even simply the statements of a company, no matter how large and influential, can completely modify the perception that the markets have of this cryptocurrency. And of course, that the value of an investment good is so susceptible to a declaration of intentions, it worries.
And yes, I remember perfectly that “I will do what has to be done, and believe me, it will be enough” pronounced by Mario Draghi on July 26, 2012. A statement that changed the future of the euro and deflated the risk premium that, at that time , had caused the economy of some European countries, including Spain. And it does not escape me that in both cases we are talking about the reaction of the markets to a declaration of intent. The difference? That there is only one European Central Bank, but there are hundreds of large corporations that can influence Bitcoin, and that scares.