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Bitcoin closing in on $40,000 as Musk and president of Tanzania have their say

A number of south and central American nations have hinted at being willing to follow El Salvador’s lead

Bitcoin appeared revitalised on Sunday evening and into Monday as the digital currency is now up by 8.94% in the past 24 hours to $38,179.

There are a number of factors which appear to have encouraged the move on the back of El Salvador’s announcement that bitcoin is now legal tender in the central American country.

A number of south and central American nations have hinted at being willing to follow El Salvador’s lead, while more recently, Tanzania’s leader Samia Suluhu Hassan has urged the country’s central bank to prepare for the digital currency.

Hassan drew attention to the development of crypto in the region. “Throughout the region, including Tanzania, they have not accepted or started using these routes,” she said.

“My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

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Furthermore, Elon Musk has waded back in, saying that Tesla will again accept bitcoin payments when bitcoin is more weighted to renewable energy sources.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” Musk said in a tweet yesterday.

Less than a week ago bitcoin threatened to go below $30,000 for the first time this year.

Along with the news from Tanzania, Musk’s words have been able to push the cryptocurrency towards $40,000, after it spent most of the weekend below $35,000.

As bitcoin regains momentum following dramatic falls during May and into June, investors which be keenly watching the digital currency to see if it could continue into the week.

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