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FILE - In this May 10, 2021, file photo, a man wearing a protective mask rides a bicycle in front of an electronic stock board showing Japan s Nikkei 225 and other Asian indexes at a securities firm, in Tokyo. Asian shares were mixed Monday, May 24, echoing Wall Street s mixed close last week.
Eugene Hoshiko - staff, AP
A man walks past a bank s electronic board showing the Hong Kong share index in Hong Kong Monday, May 24, 2021. Asian shares were mixed Monday, echoing Wall Street s mixed close last week.
Vincent Yu - staff, AP
People walk past a bank s electronic board showing the Hong Kong share index in Hong Kong Monday, May 24, 2021. Asian shares were mixed Monday, echoing Wall Street s mixed close last week.
Elon Musk Dons a Bitcoin Mining Hat, and Fed Downplays Inflation Risk
On 5/25/21 at 2:07 PM EDT
Bitcoin seems to have pulled out of its steep nosedive, and behold! The Oracle of SpaceX may be preparing to give his blessing to Bitcoin mining.
Bitcoin plunged below $32,000 Sunday following Elon Musk s announcement that Tesla wouldn t accept the cryptocurrency as payment for its electric cars. Then, in a tweet that many misinterpreted, Musk appeared to say that Tesla had sold some of its Bitcoin holdings. It hadn t.
Earlier, Musk s announcement that Tesla had invested $1.5 billion in Bitcoin sent the crypto higher.
Next, Musk expressed doubts about the energy used in Bitcoin mining, the computer-driven solving of complex hexadecimal puzzles to keep the blockchain fresh and earn new Bitcoins as reward.