On This Day in Crypto: July 21, 2021, The B Word Sends Bitcoin Soaring

On This Day in Crypto: July 21, 2021, The B Word Sends Bitcoin Soaring

By Mirandah | On This Day in Crypto | 6 hours ago


Elon Musk sat down for a livestream and outed his own rocket company as a bitcoin holder.

That was the twist nobody saw coming at The B Word, a conference built to get institutions comfortable with crypto. Musk confirmed SpaceX held BTC, said he personally owned bitcoin, ether, and dogecoin, and admitted Tesla still had its stash too. Then came the line traders had been waiting on since May, when he'd yanked bitcoin payments over energy concerns. Tesla would "most likely" turn them back on, he said, once mining got cleaner.

Bitcoin didn't wait for confirmation. The price spiked past $32,800, up more than 10% in a day, before settling around a 6% gain. I still think about how much weight one offhand admission carried over a trillion dollar market.

Four years on, Tesla still hasn't flipped that switch back on, though Musk's bitcoin, ether, and dogecoin confession aged better than most of his tweets.

That's today in crypto history. See you tomorrow.

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Mirandah
Mirandah

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