Bitcoin miners agree to form council amid meeting with Elon Musk
Elon Musk called the meeting 'potentially promising' giving Bitcoin prices a boost
How much influence does Elon Musk really have over crypto market?
Decrypt Media editor-in-chief Daniel Roberts on Bitcoin, Dogecoin and Elon Musk’s impact on cryptocurrencies.
Tesla CEO Elon Musk participated in a meeting with Bitcoin miners over the weekend, following concerns he raised publicly about the environmental impact of the cryptocurrency that sent prices tumbling.
Michael Saylor, entrepreneur and MicroStrategy cofounder, said on Twitter that the miners agreed to form a Bitcoin Council Meeting to accelerate sustainability efforts.
Attendees who met with Musk included executives from HIVE Blockchain Technologies, Argo Blockchain and Galaxy Digital.
ELON MUSK CLARIFIES STANCE ON CRYPTOCURRENCIES AS PRICES FALL
Musk also confirmed in a tweet on Monday that he partook in the meeting, which he described as "potentially promising."
As previously reported by FOX Business, Musk said earlier this month that Tesla would stop accepting Bitcoin for vehicle purchases due to environmental concerns. Musk said the electric vehicle maker was "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal" and though he thought digital currencies had a promising future, it could not come at the cost of the environment.
Musk suggested that once its energy usage is more efficient, Tesla may change its policy on Bitcoin.
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Following his comments the markets fell, which presented an opportunity for Saylor who paid $10 million in cash for 229 Bitcoin as prices tumbled.
According to prices tracked by CoinDesk, Bitcoin was up nearly 14% over the last 24 hours as of Monday afternoon, receiving a bump from Musk's positive commentary.