Taproot Upgrade: Bitcoin Price Surges Past $39k
The proposed taproot update which has been approved by miners on the Bitcoin blockchain caused a bullish surge in the price of Bitcoin as we move into a new week. The price of Bitcoin stands at $39,272 at the time of writing this report. Over 99% of the miners voted in favor of the Taproot update through mined blocks. The proposed taproot update is one of the most essential updates on the Bitcoin blockchain in the past few years. The aim of the update is to make improvements on privacy and scripting functionality. The update is billed to take effect by November on block #709,632.
Bitcoin’s price had taken a hard hit since mid-May seeing it crash from its current All-Time-High (ATH) of a little above 64,000 to a price range of $30,000- $35,000. Altcoins had taken a bow as well with second most popular crypto, Ethereum moving from above $4000 to somewhere around $2,100. That’s an over 50% dip in the price. A series of bearish events had occurred in May alongside the massive dip– Tesla’s denouncement of Bitcoin as a means of payment for its electric vehicles, regulation moves on the cryptocurrency space by countries like China, the US, etc.
Elon Musk Changes Position in the Wake of Taproot Update
After Elon Musk’s bearish tweets that began last month, which included complaining about the amount of power Bitcoin mining consumes, and also citing it as the reason Tesla denounced Bitcoin exchange for their electric-powered vehicles, he has changed his position. In his latest tweet, he stated that Tesla would resume receiving Bitcoin from buyers if the power consumed for mining gets clean by 50%. This was a major reason for China’s crypto mining ban. Although, this announcement might have partly prompted the latest upsurge in the price of Bitcoin. However, it is difficult to ascertain by what percentage the news contributed to the upsurge.
Moreover, it is difficult to ascertain if he is pulling one of his manipulative strings which has earned a lot of criticisms from a number of crypto enthusiasts. Elon Musk has been exerting massive influence on the cryptocurrency market, especially his favorite, the meme-based Dogecoin. Michael Saylor, Chief Executive Officer (CEO) of MicroStrategy had taken a swipe at him last month for tweets. Vitalik Buterin, co-founder of Ethereum, had also criticized his views on scalability in reference to his attempts on Dogecoin, saying it was not as easy as switching numbers.
Elon Musk’s Inconsistency Earns Him Passive Role on Bitcoin Mining Council
Michael Saylor via a tweet had announced on June 13 that the Bitcoin Mining Council will be meeting for the first time. He further said Bitcoin miners were welcome to join the meeting. The Council was created to promote transparency, share best practices and educate people as it relates to mining. The council will discuss some relevant topics such as energy debate, network dynamics, China’s mining policy, North American mining developments, tech trends, and industry outlook during the meeting. It was stated on the council’s Frequently Asked Questions (FAQ) pages that Elon Musk has no active role in the council apart from being involved in a call with some North American companies.
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