In a dramatic announcement, the 49-year-old entrepreneur posted on Twitter that
The sharp turnaround of sentiment from Musk’s previous narrative of persistently promoting crypto on Twitter took the markets by storm and sent Bitcoin (BTC) tumbling from a promising level of
“Tesla has suspended vehicle purchases using Bitcoin,” the announcement said.
“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 statement then praised the use case for crypto, but suggested Tesla’s stance on digital assets would have a long-term impact.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come as great cost to the environment,” it added.
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more suitable energy.
“We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
The remarkable and out-of-the-blue declaration is in stark contrast to Musk’s previous narrative on cryptocurrency.
Only five days ago he guest-hosted
The post Bitcoin rocked by
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