Elon Musk, the Founder and Chief Executive of Tesla Inc. (NASDAQ:TSLA) has announced that the company will stop accepting bitcoin as payment for car purchases. In a tweet, Musk cited concerns about the \u201crapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.\u201d<\/p>\n
\u201cCryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment,\u201d Musk wrote.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n However, Musk clearly stated that \u201cTesla will not be selling any Bitcoin,\u201d and that the company \u201c[intends] to use it for transactions as soon as mining transitions to more sustainable energy.\u201d He also said that Tesla would be looking at \u201cother cryptocurrencies\u201d that use less than 1% of Bitcoin\u2019s energy consumption.<\/p>\n — Elon Musk (@elonmusk) May 12, 2021<\/p>\n<\/blockquote>\n Even though Musk said that Tesla would not be selling any of its Bitcoin holdings, the price of BTC reacted almost immediately to the tweet, dropping nearly 20 percent. Is Musk Going Cold on Crypto? per from roughly $58K to $49K. By press time, the price had recovered to $51,220.<\/p>\n Still, the news appears to have shaken crypto markets across the board. Over the past 24 hours, XRP, Ether (ETH), Binance Coin (BNB), and Internet Computer (ICP) have all fallen more than five percent; Dogecoin (DOGE) and Bitcoin CASH (BCH) are down more than ten percent apiece.<\/p>\n While Bitcoin critics may see the news as a step in the right direction (Musk\u2019s tweet was \u2018liked\u2019 nearly 350,000 times), some crypto community members are not exactly pleased with Tesla\u2019s decision.<\/p>\n In reply to Musk’s announcement, Anthony Pompliano, the Founder of Pomp Investments, wrote, \u201cElon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.\u201d The tweet, which was liked nearly 42,000 times, appears to refer to a statement by Ark Investments claiming that 76 percent of Bitcoin miners use renewable energy, a figure that some say is debatable.<\/p>\n Author Preston Pysh replied, \u201cUh oh. Did someone get yelled at by the government who pays you massive subsidies so you can stay in business each quarter?\u201d<\/p>\n Bitcoin rewards company replied with a parody of Musk\u2019s original tweet, writing \u201cLolli has officially suspended buying Teslas. We are deeply concerned about the CEO\u2019s inability to understand that bitcoin is largely mined with renewable energy.\u201d<\/p>\n — Lolli \ud83c\udf6d (@trylolli) May 12, 2021<\/p>\n<\/blockquote>\n\n
Crypto Twitter Isn\u2019t Exactly Pleased with Tesla\u2019s Decision<\/h2>\n
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Is Musk Going Cold on Crypto?<\/h2>\n