For reasons of environmental protection, Tesla will suspend plans to accept Bitcoin as a means of payment when customers buy its cars. Elon Musk wants to protect the environment
According to CNN, billionaire Elon Musk said that Tesla will suspend plans to accept Bitcoin as a means of payment when customers buy its cars. The reason Musk gave is that using Bitcoin costs the environment. This is a completely opposite move after a few months Musk launched Bitcoin “to the cloud”. According to the billionaire: “We are concerned about using more and more fossil fuels to mine and trade Bitcoin, especially coal. Cryptocurrency is a good idea on many levels and we believe in it.” “That is a promising future, but accepting and using digital money cannot come with a hefty price tag on the environment.” Immediately after that, the Bitcoin price fell 5% just minutes after Elon Musk’s announcement. A few hours later, Bitcoin price even bottomed to just over $ 46,000 / 1 Bitcoin and then recovered slightly. The fact that Elon Musk publicly supports Bitcoin while claiming Tesla is a “green” company when it comes to making electric, eco-friendly cars has always been controversial. Photo: TL. Everyone knows that mining Bitcoin takes a lot of energy and pollutes the environment. Bitcoin miners consume a lot of power to solve mathematical equations, validate transaction codes to receive back a certain amount of money worked. Some calculations show that the total electricity consumption of Bitcoin miners in the world is equivalent to the total electricity consumption of Finland. The fact that billionaire Elon Musk publicly supports Bitcoin while claiming Tesla is a “green” company when making electric cars, environmentally friendly has always been controversial. However, the CEO also left open plans that Tesla will still use Bitcoin when it finds a cleaner source of energy. “Tesla won’t sell any Bitcoin and we intend to accept Bitcoin for transactions as soon as mining converts to more sustainable energy. We are also looking at other cryptocurrencies that use less. 1% of energy / transactions that Bitcoin uses “. This new statement by Elon Musk surprised many people because earlier in a statement on the social audio application Clubhouse, the billionaire said “Bitcoin is a good thing”, adding that he is “late” and perhaps out bought cryptocurrency 8 years ago. The richest billionaire in the world added that he should have bought Bitcoin eight years ago. “I have been quite slow. But at this point, I think Bitcoin is a good thing,” billionaire Elon Musk said. Is the “pump blow”? Bitcoin is not the only cryptocurrency Musk has pumped in in recent weeks. He has repeatedly praised Dogecoin through his Twitter account with 54 million followers. Dogecoin even dropped when Musk joined Saturday Night Live and said: “Recently, the prices of many cryptocurrencies like Bitcoin, Ethereum and especially Dogecoin have increased”. Musk’s last tweet before the Bitcoin-related surprise announcement was also a question to poll his followers to see if they wanted “Tesla to accept Doge as a means of payment”. Photo: TL. Earlier in February, Tesla publicly stated that it had spent $ 1.5 billion on Bitcoin investments. Later in April, records showed they sold 10% of their Bitcoin holdings, making a profit of $ 101 million. The move caused a few rumors to emerge, suspecting that there was some kind of fraud when Tesla bought Bitcoin, Elon Musk said like it and then Tesla sold it. Twitter user Dave Portnoy had a post that would have tagged Elon Musk on this. Dave used the word “pump” to describe Tesla’s actions on Twitter. He wrote: “As I understand it: Elon Musk bought Bitcoin then he blew up, praised Bitcoin. Bitcoin price increased. Then Elon Musk sold out and pocketed a lot of money.” Elon Musk then responded under this post, “Oh no, I don’t. Tesla selling 10% of its Bitcoin holdings is necessary to demonstrate Bitcoin’s liquidity as an alternative channel to hold money. face”.
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