Bitcoin Price Soars Following Approval for Taproot Upgrade and Elon Musk’s Tweets

The incoming Taproot upgrade has influenced the value of Bitcoin to spike again, as well as Elon Musk’s recent tweets. Both events have fueled the value of BTC to over $39,000. The leading crypto asset is cruising promisingly with more potentials as the Taproot upgrade is highly regarded. 

It was earlier reported that over 90 percent of core miners have concurred to the launch of Taproot. The upgrade will integrate more positive attributes to BTC’s blockchain, making it more scalable and much faster. The upgrade is slated to be released in November at a 709,623 block height. 

Elon Musk’s recent tweet also exerted the expected influence to lead Bitcoin to the greens again. He tweeted that Tesla would fall back to accepting payments in Bitcoin if the crypto asset would be henceforth mined using energy sources less harmful to the environment. 

Elon Musk Backlash and the Bitcoin Council

Tesla Chief Elon Musk hasn’t been in the good books of Bitcoin lovers for a while now. The CEO has been repeatedly lambasted on social media for his less-concerned interest on the impact of his cryptic tweets. Bitcoin shed over 50 percent of its value from May in response to Musk’s tweets and China’s tantrum. 

The controversial development of Musk’s personality in relation to cryptocurrency is also spotted in his statements of improving the Dogecoin network. Ethereum president Vitalik Buterin didn’t share the opinion and mentioned that it wasn’t as easy as changing numbers. 

Despite the fact that Musk was one of the pioneers of the recently established Bitcoin Mining Council, he isn’t a functional member of the group. The group has detailed that his height of participation halted at call for North American mining entities. 

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