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The news has seen a resurgent bull-run in the whole cryptocurrency market. However, one leading crypto expert has suggested the Tesla boss “wants to be the saviour of bitcoin”. Referring to the commencement of a new ‘Bitcoin Mining Council’, Mr Musk today announced he had spoken with North American ‘Bitcoin miners’.
He said: “They committed to publish current and planned renewable usage and to ask miners WW to do so.
The council, led by Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor, said it had no intention of altering the cryptocurrency’s fundamental coding.
It stated a singular aim to promote sustainable energy practices within mining operations.
A high-profile participant of the new initiative, Peter Wall, CEO of Argo Blockchain, said: “We’re not talking about bitcoin code or block size or anything related to changing the nature of bitcoin.
“We all love bitcoin the way it is, as a decentralised, permissionless system.”
Referring to the meeting of influential investors, cryptocurrency expert George from Cryptosrus said: “Potentially this was Elon Musk’s plan all along from the beginning.
“He wants to look like he is the saviour of bitcoin.”
Michael Saylor, the CEO of Microstrategy, was also at the meeting of a new initiative to “promote energy usage transparency” amongst bitcoin mining operations.
Mr Saylor said: “I was pleased to host a meeting between Elon Musk and the leading bitcoin miners in North America.
“The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency and accelerate sustainability initiatives worldwide.”
Referring to the goals of the Bitcoin Mining Council Mr Saylor added: “We decided to establish an organisation to standardise energy reporting, pursue industry ESG (Environmental, Social, and Corporate Governance), and educate and grow the marketplace.”
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The news of Mr Musk’s renewed interest in the world’s preeminent cryptocurrency has sparked a huge rise in the value of bitcoin.
The digital currency bounced back to over $40,000 today.
Another piece of news that has bolstered the price of the cryptocurrency is the announcement by famous US investor Ray Dalio that he owns bitcoin and that he would “rather have bitcoin than a bond”.
The renewed positive sentiment for the whole cryptocurrency market has also been bolstered by the announcement from Goldman Sachs yesterday that the investment bank has declared bitcoin as a new asset class that they will be recommending to their customers.
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