Crypto

Bitcoin bounces back as Musk announces Tesla to accept crypto again

Published

2 years ago

July 22, 2021

William Howard

Bitcoin has risen by more than 8 percent, rebounding after erasing most of its gains, with Ether and Dogecoin also moving into the green

It follows Tesla CEO Elon musk reiterating his backing of cryptocurrencies and confirming he owns multiple coins.

Musk also says Space Exploration Technologies Corp owns Bitcoin, just like Tesla.

“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” said Musk at an event hosted by the Crypto Council for Innovation.

However Musk continued saying that “one thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”

LOS ANGELES, CA – OCTOBER 21: Tesla Motors CEO Elon Musk arrives at “Revenge Of The Electric Car” Premiere held at Landmark Nuart Theatre on October 21, 2011 in Los Angeles, California. (Photo by Jeff Vespa/WireImage)

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” he said.

Will the bounce up stay?

Since May, most cryptocurrencies have tumbled dramatically, with around $1.3 trillion wiped from the market value.

Bitcoin has faced numerous challenges in recent times… including regulatory scrutiny in China, Europe and the U.S.

Authorities around the world are concerned about the level of energy needed by the computers that undermine the entire network.

“Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight,” Musk added. “But as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that.”

Analysts also believe investors are also becoming increasingly more cautious about sceptical assets.

Want to hear more about Crypto? Hear the latest from our resident experts on Ticker Crypto

Related Topics:crypto Tech tesla trending

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William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Crypto

Why is the world’s largest crypto exchange battling U.S. regulators?

Published

4 months ago

June 15, 2023

ticker NEWS

U.S. regulators have filed charges against Binance, the world’s largest crypt exchange

Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?

The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.

The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.

In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.

Zhao has publicly dismissed the allegations.

Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao

Crypto

Is the metaverse the future of social network?

Published

4 months ago

May 30, 2023

ticker NEWS

U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

Crypto

Who will win the global metaverse race?

Published

4 months ago

May 30, 2023

ticker NEWS

China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech