“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. “[...] We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
The announcement sent off shockwaves of sales across crypto markets. As the clear subject of the message, Bitcoin seems to have been affected the most.
Less than 24 hour after the tweet was posted, the Bitcoin’s price plunged approximately 17 percent, falling from roughly $58K to $49K. While the price of BTC seems to have stabilized, the asset has not managed to fully recover its losses; at press time, BTC was sitting just below the $50K mark.
Tesla’s Rejection of BTC Could Reinforce Public Perception of BTC as an Energy-Gluttonous Beast
While Musk clarified that Tesla would not be selling any of the 38,300 BTC that it holds on its balance sheet, the announcement seemed to present a clear tonal shift in Tesla’s attitude toward the cryptocurrency.
While BTC is increasingly understood to be a store-of-value or “hedge against inflation” asset, Bitcoin cannot seem to shake its reputation as an energy-hungry, carbon-intensive network.
Just last month, the New York Times published a piece that exclaimed, “[Bitcoin] accounts for so little of the world’s total transactions, yet has the carbon footprint of entire countries.” Additionally, Ars Technica reported last month that a private equity firm revived a defunct coal-fueled power plant to mine BTC; the Washington post recently reported that the Iranian government blamed a large power outage on Bitcoin miners.
While certain factors, including the usage of renewable energy in Bitcoin mining, have put the facts about Bitcoin’s carbon footprint up for debate, Bitcoin is still seen by much of the general public as problematic. Therefore, it seems fairly logical that Tesla, which is famous for producing low-emission, “sexy” electric cars, would take a step back from BTC in order to maintain an image of sustainability.
Still, the Bitcoin community pushed back on Tesla’s claim that the Bitcoin network’s fossil fuel consumption was “rapidly increasing.”
“Elon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again,” wrote Anthony Pompliano, Founder of Pomp Investments, in reply to the announcement. Indeed, last month, Ark Investments claimed that 76 percent of Bitcoin miners use renewable energy. To date, no comprehensive scientific study has been conducted to measure exactly what the carbon footprint of the Bitcoin network is.
But, just as Tesla championed the acceptance of Bitcoin earlier this year, and perhaps inspired other corporations to come into the fold, could its step away from BTC lead other corporations to take some distance from Bitcoin?
There does not seem to be much evidence of this, at least, not yet. However, if Tesla adopts 'other cryptocurrencies' that have lower rates of carbon consumption than BTC, crypto-curious companies and institutions may follow in its footsteps.
Will Tesla Accept Dogecoin (DOGE)?
Indeed, Elon Musk’s declaration that Tesla was exploring “other cryptocurrencies that use <1% of Bitcoin’s energy/transaction” has led many in the crypto community to speculate on which coins could be in the lineup.
Given Elon Musk’s apparent fixation on Dogecoin (DOGE), the coin may seem like the most obvious choice. Musk even published a Twitter poll on Wednesday asking the public whether or not Tesla should start to accept DOGE as payment; nearly 80 percent of respondents said ‘yes.’
On Friday, Musk tweeted that he was “working with Doge devs to improve system transaction efficiency. Potentially promising.” The price of DOGE appeared to jump in the wake of the Tweet. In the 24 hours before press time, DOGE was up roughly 35 percent.
However, some crypto community members seem to be growing suspicious of Musk’s intentions with DogeCoin. “Name these developers. The world is very curious,” author, Preston Pysh tweeted in reply. “...Or is this another ‘Developers Secured’ tweet?”
— Rick McCracken - DIGI🍨 (@RichardMcCrackn) May 13, 2021
However, other fans of ADA would rather that the cryptocurrency network keeps its distance from Elon Musk. A Twitter user with the handle @CryptoNelson17 wrote that: “While I would love [Tesla to accept ADA] from a utility-perspective, I feel like @elonmusk is a bit unstable & it could hurt $ADA somehow,” he wrote.
“I mean take this ‘no longer purchasing teslas with $BTC’ thing - you’re telling me Elon didn’t know it wasn’t green? He’s a kid in a candy store, playing (sic).”
While I would love that from a utility-perspective, I feel like @elonmusk is a bit unstable & it could hurt $ADA somehow.
I mean take this ‘no longer puchacing teslas with $BTC’ thing - you’re telling me Elon didn’t know it wasn’t green? He’s a kid in a candy store, playing
Crypto analyst Mr. Whale (@CryptoWhale) tweeted, “Elon Musk says Tesla is looking for cryptocurrencies that use less than 1% of Bitcoin's energy consumption. Good thing $XRP uses less than 0.001% of Bitcoin's energy and only costs $0.0000136 per transaction.”
Elon Musk says Tesla is looking for cryptocurrencies that use less than 1% of Bitcoin's energy consumption.
Good thing $XRP uses less than 0.001% of Bitcoin's energy and only costs $0.0000136 per transaction. pic.twitter.com/STtEH3X0y7
David Gokhshtein, the Founder of Gokhshtein media, also tweeted that he could “see Elon take $XRP on as payment for Tesla products.”
I could also see Elon take $XRP on as payment for Tesla products.
👀
— David Gokhshtein (@davidgokhshtein) May 13, 2021
However, just as within the DOGE and ADA communities, some XRP users were not too happy about the idea of Elon Musk publicly embracing XRP.
Twitter user @Beat_Diem wrote, “I don’t really want Elon inside XRP, I don’t want a manipulated market. “
“We need adoption. It’s so easy to pay for a Tesla with bitcoin using BitPay or any other crypto debit card even if Elon doesn't want it. This is really stupid. (sic)”
What are your thoughts on Tesla’s decision to stop accepting BTC payments? Which cryptocurrencies could Tesla accept instead? Let us know in the comments below.
“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. “[...] We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
The announcement sent off shockwaves of sales across crypto markets. As the clear subject of the message, Bitcoin seems to have been affected the most.
Less than 24 hour after the tweet was posted, the Bitcoin’s price plunged approximately 17 percent, falling from roughly $58K to $49K. While the price of BTC seems to have stabilized, the asset has not managed to fully recover its losses; at press time, BTC was sitting just below the $50K mark.
Tesla’s Rejection of BTC Could Reinforce Public Perception of BTC as an Energy-Gluttonous Beast
While Musk clarified that Tesla would not be selling any of the 38,300 BTC that it holds on its balance sheet, the announcement seemed to present a clear tonal shift in Tesla’s attitude toward the cryptocurrency.
While BTC is increasingly understood to be a store-of-value or “hedge against inflation” asset, Bitcoin cannot seem to shake its reputation as an energy-hungry, carbon-intensive network.
Just last month, the New York Times published a piece that exclaimed, “[Bitcoin] accounts for so little of the world’s total transactions, yet has the carbon footprint of entire countries.” Additionally, Ars Technica reported last month that a private equity firm revived a defunct coal-fueled power plant to mine BTC; the Washington post recently reported that the Iranian government blamed a large power outage on Bitcoin miners.
While certain factors, including the usage of renewable energy in Bitcoin mining, have put the facts about Bitcoin’s carbon footprint up for debate, Bitcoin is still seen by much of the general public as problematic. Therefore, it seems fairly logical that Tesla, which is famous for producing low-emission, “sexy” electric cars, would take a step back from BTC in order to maintain an image of sustainability.
Still, the Bitcoin community pushed back on Tesla’s claim that the Bitcoin network’s fossil fuel consumption was “rapidly increasing.”
“Elon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again,” wrote Anthony Pompliano, Founder of Pomp Investments, in reply to the announcement. Indeed, last month, Ark Investments claimed that 76 percent of Bitcoin miners use renewable energy. To date, no comprehensive scientific study has been conducted to measure exactly what the carbon footprint of the Bitcoin network is.
But, just as Tesla championed the acceptance of Bitcoin earlier this year, and perhaps inspired other corporations to come into the fold, could its step away from BTC lead other corporations to take some distance from Bitcoin?
There does not seem to be much evidence of this, at least, not yet. However, if Tesla adopts 'other cryptocurrencies' that have lower rates of carbon consumption than BTC, crypto-curious companies and institutions may follow in its footsteps.
Will Tesla Accept Dogecoin (DOGE)?
Indeed, Elon Musk’s declaration that Tesla was exploring “other cryptocurrencies that use <1% of Bitcoin’s energy/transaction” has led many in the crypto community to speculate on which coins could be in the lineup.
Given Elon Musk’s apparent fixation on Dogecoin (DOGE), the coin may seem like the most obvious choice. Musk even published a Twitter poll on Wednesday asking the public whether or not Tesla should start to accept DOGE as payment; nearly 80 percent of respondents said ‘yes.’
On Friday, Musk tweeted that he was “working with Doge devs to improve system transaction efficiency. Potentially promising.” The price of DOGE appeared to jump in the wake of the Tweet. In the 24 hours before press time, DOGE was up roughly 35 percent.
However, some crypto community members seem to be growing suspicious of Musk’s intentions with DogeCoin. “Name these developers. The world is very curious,” author, Preston Pysh tweeted in reply. “...Or is this another ‘Developers Secured’ tweet?”
— Rick McCracken - DIGI🍨 (@RichardMcCrackn) May 13, 2021
However, other fans of ADA would rather that the cryptocurrency network keeps its distance from Elon Musk. A Twitter user with the handle @CryptoNelson17 wrote that: “While I would love [Tesla to accept ADA] from a utility-perspective, I feel like @elonmusk is a bit unstable & it could hurt $ADA somehow,” he wrote.
“I mean take this ‘no longer purchasing teslas with $BTC’ thing - you’re telling me Elon didn’t know it wasn’t green? He’s a kid in a candy store, playing (sic).”
While I would love that from a utility-perspective, I feel like @elonmusk is a bit unstable & it could hurt $ADA somehow.
I mean take this ‘no longer puchacing teslas with $BTC’ thing - you’re telling me Elon didn’t know it wasn’t green? He’s a kid in a candy store, playing
Crypto analyst Mr. Whale (@CryptoWhale) tweeted, “Elon Musk says Tesla is looking for cryptocurrencies that use less than 1% of Bitcoin's energy consumption. Good thing $XRP uses less than 0.001% of Bitcoin's energy and only costs $0.0000136 per transaction.”
Elon Musk says Tesla is looking for cryptocurrencies that use less than 1% of Bitcoin's energy consumption.
Good thing $XRP uses less than 0.001% of Bitcoin's energy and only costs $0.0000136 per transaction. pic.twitter.com/STtEH3X0y7
David Gokhshtein, the Founder of Gokhshtein media, also tweeted that he could “see Elon take $XRP on as payment for Tesla products.”
I could also see Elon take $XRP on as payment for Tesla products.
👀
— David Gokhshtein (@davidgokhshtein) May 13, 2021
However, just as within the DOGE and ADA communities, some XRP users were not too happy about the idea of Elon Musk publicly embracing XRP.
Twitter user @Beat_Diem wrote, “I don’t really want Elon inside XRP, I don’t want a manipulated market. “
“We need adoption. It’s so easy to pay for a Tesla with bitcoin using BitPay or any other crypto debit card even if Elon doesn't want it. This is really stupid. (sic)”
What are your thoughts on Tesla’s decision to stop accepting BTC payments? Which cryptocurrencies could Tesla accept instead? Let us know in the comments below.
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.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
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Sandton Convention Center, Sandton, South Africa
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Sandton Convention Center, Sandton, South Africa
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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
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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
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
Sandton Convention Center, Sandton, South Africa
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
Sandton Convention Center, Sandton, South Africa
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
Sandton Convention Center, Sandton, South Africa
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
Sandton Convention Center, Sandton, South Africa
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
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#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
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔