May 26, 2021: -On Monday, the price of bitcoin jumped about 4% after Tesla CEO Elon Musk said on a tweet that he had active discussions regarding the sustainability of the digital coin. According to Coindesk, Bitcoin traded nearly $38,074, when at 3:42 p.m., ET Musk tweeted saying, “Spoke with North American Bitcoin miners. They committed to publishing & are planning renewable usage & ask miners WW to do so. Potentially promising.”

Within some time, the price had shot up to over $39,500. Overall, the coin is up above 17% in the previous 24 hours.

Microstrategy CEO Michael Saylor replied to Musk’s tweet, saying he hosted a meeting with the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which promotes sustainability.

Musk is a big supporter of cryptocurrencies, which help rally the prices of digital coins, including bitcoin, several times in the past year.

Musk’s tweets and comments around cryptocurrency often send the prices soaring or plunging.

In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of bitcoin and would accept it as a form of payment.

The company later said it registered a net gain of $101 million from bitcoin sales during the quarter, helping to boost its net profits to a record high in the first quarter.

However, his relationship with the digital coin changed earlier this month. He tweeted on May 12 that the company “suspended vehicle purchases” using bitcoin out of concern over the “rapidly increasing use of fossil fuels” for bitcoin mining.