Citing environmental concerns, Tesla says that it is taking a break from accepting BTC payments.
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 “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
“Cryptocurrency 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,” Musk wrote.
However, Musk clearly stated that “Tesla will not be selling any Bitcoin,” and that the company “[intends] to use it for transactions as soon as mining transitions to more sustainable energy.” He also said that Tesla would be looking at “other Cryptocurrencies” that use less than 1% of Bitcoin’s energy consumption.
Crypto Twitter Isn’t Exactly Pleased with Tesla’s Decision
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.
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.
While Bitcoin critics may see the news as a step in the right direction (Musk’s tweet was ‘liked’ nearly 350,000 times), some crypto community members are not exactly pleased with Tesla’s decision.
In reply to Musk's announcement, Anthony Pompliano, the Founder of Pomp Investments, wrote, “Elon ... you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.” 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.
Author Preston Pysh replied, “Uh oh. Did someone get yelled at by the government who pays you massive subsidies so you can stay in business each quarter?”
Bitcoin rewards company replied with a parody of Musk’s original tweet, writing “Lolli has officially suspended buying Teslas. We are deeply concerned about the CEO’s inability to understand that bitcoin is largely mined with renewable energy.”
Is Musk Going Cold on Crypto?
Makoto Sakuma, a researcher at NLI Research Institute, told Reuters that Tesla’s decision to stop accepting Bitcoin could signal a change in Musk’s attitude toward crypto.
“The issue (of huge energy use by bitcoin miners) has been long known so it's nothing new,” Sakuma said. “But, taken together with Musk's recent comments about dogecoin, his latest comments seem to suggest his passion for cryptocurrencies may be waning.” Musk referred to DOGE as a “hustle” during his appearance on comedy sketch show Saturday Night Live last weekend.
Before his appearance on the show, Musk tweeted: "Cryptocurrency is promising, but please invest with caution!"
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 “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
“Cryptocurrency 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,” Musk wrote.
However, Musk clearly stated that “Tesla will not be selling any Bitcoin,” and that the company “[intends] to use it for transactions as soon as mining transitions to more sustainable energy.” He also said that Tesla would be looking at “other Cryptocurrencies” that use less than 1% of Bitcoin’s energy consumption.
Crypto Twitter Isn’t Exactly Pleased with Tesla’s Decision
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.
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.
While Bitcoin critics may see the news as a step in the right direction (Musk’s tweet was ‘liked’ nearly 350,000 times), some crypto community members are not exactly pleased with Tesla’s decision.
In reply to Musk's announcement, Anthony Pompliano, the Founder of Pomp Investments, wrote, “Elon ... you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.” 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.
Author Preston Pysh replied, “Uh oh. Did someone get yelled at by the government who pays you massive subsidies so you can stay in business each quarter?”
Bitcoin rewards company replied with a parody of Musk’s original tweet, writing “Lolli has officially suspended buying Teslas. We are deeply concerned about the CEO’s inability to understand that bitcoin is largely mined with renewable energy.”
Is Musk Going Cold on Crypto?
Makoto Sakuma, a researcher at NLI Research Institute, told Reuters that Tesla’s decision to stop accepting Bitcoin could signal a change in Musk’s attitude toward crypto.
“The issue (of huge energy use by bitcoin miners) has been long known so it's nothing new,” Sakuma said. “But, taken together with Musk's recent comments about dogecoin, his latest comments seem to suggest his passion for cryptocurrencies may be waning.” Musk referred to DOGE as a “hustle” during his appearance on comedy sketch show Saturday Night Live last weekend.
Before his appearance on the show, Musk tweeted: "Cryptocurrency is promising, but please invest with caution!"
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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