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”.

Closing the session on Thursday, the Dow Jones dropped by 321.41 points (1%) to 33,815.90 points. This index sometimes bottomed out when it dropped to 420 points. The S&P 500 index lost its momentum at the beginning of the session and lost 0.9% at the close to 4,134.98 points. The Nasdaq Composite also fell 0.9 percent, to 13,818.41 points. The Dow Jones decreased to 321.41 points (1%) to 33,815.90 points at the close of the session on April 22. Photo: AP Bloomberg News on April 22 reported that President Biden is planning to raise surplus tax to increase capital to 43.4% for wealthy Americans. The proposal would raise the capital gains tax rate to 39.6 percent for those earning $ 1 million or more, up from the current 20 percent, according to Bloomberg News. Then, Reuters news agency and The New York Times also reported on this issue. Jack Ablin, founding partner and chief executive officer of Cresset Capital Management, commented: “Mr. Biden’s proposal doubled the capital surplus tax rate for those earning $ 1 million. That is quite a cost increase for long term investors. According to Ablin, a wave of sell-off on Wall Street is expected to appear this year if investors feel this proposal has a chance to become law next year. The bulls led the decline in Thursday’s trading. Shares of Tesla and Amazon lost 3.3% and 1.6%, respectively. Before the news of the proposed tax increase, the major indexes fluctuated slightly as investors waited for the series of business results reports that major technology companies are expected to release next week. “Market cash flow is currently focused on a few growth stocks”, Mr. Mark Yusko – CEO and Chief Investment Officer of Morgan Creek Capital Management said. “Because investors are afraid of a shock increase in the securities interest tax, investors can sell off to take profits and push the market into an adjustment zone”. Shares of Southwest Airlines also turned down 1.6% at the end of the session, although the airline announced that the number of bookings for travel continues to increase and is expected to break even or make a profit next June. Shares Dow Inc. down 6% even after the chemical company surpassed expected revenue and profit in the first quarter of 2021. However, as of the beginning of this year, the stock Dow Inc. is still up nearly 10%. Most companies are currently recording results exceeding Wall Street’s expectations this earnings season, but the first quarter’s strong results did not help the market soar after repeatedly setting record levels. in recent weeks. Regarding economic data, the US Department of Labor on April 22 said that the number of people applying for unemployment benefits for the first time was 547,000 people last week, lower than the forecast of 603,000 by Dow Jones. Also on April 22, the Republican Party made a plan to oppose the US President Joe Biden’s $ 2,000 billion infrastructure investment package. Senators have proposed a $ 568 billion package that includes funding for bridges, airports and water systems. This proposal does not include tax increases. However, concerns about the capital gain tax increase could be overblown as Democrats hold a narrow majority in both the Senate and the House of Representatives, which may make it difficult to pass any proposals. Be positive ./.