Tesla decides to suspend accepting Bitcoin as payment and unleashes a Twitter frenzy
Bitcoin fell to its lowest point in almost three weeks on Wednesday evening after Tesla CEO Elon Musk announced that his company will stop accepting bitcoin as a form of payment. This following concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”
Although Musk believes that cryptocurrency “has a promising future,” he concluded that the rise of digital assets “cannot come at a great cot to the environment.
The announcement comes as a surprise as just recently Musk confirmed Bitcoin’s role as a catalyst for renewable energy.
Bitcoin immediately plunged to as low as $46,9820.06 according to CoinMarketCap data.
Tesla’s decision has caused a stir on frenzy with many questioning Musk’s integrity, speaking about “pumping and dumping” practices and wondering if perhaps ‘uncle Sam’ has been tapping him on the shoulders:
When your business relies on government subsidies and you get a phone call… https://t.co/K9KgCfjhw0
— Alistair Milne (@alistairmilne) May 12, 2021
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Morgan Creek Digital founder, Anthony Pompliano send Musk a reminder:
Elon … you realize that 75% of miners use renewable energy, right?
This energy story has been debunked over and over again.
— Pomp
(@APompliano) May 12, 2021
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MicroStrategy CEO, Michael Saylor, took the opportunity to educate Elon on energy usage.
Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.
— Michael Saylor (@michael_saylor) May 12, 2021
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Saifedean Ammous, writer of ‘The Bitcoin Standard’ was a bit more direct in his words and even called Musk a “hypocrite”.
Unless you’ve also switched your rockets and battery manufacturing to “more sustainable energy” you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.
— Saifedean.com (@saifedean) May 12, 2021
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Nic Carter, who himself debunked Bitcoin’s environmental concerns in a well researched article on March 30 try to ease up sentiments and commented:
relaxing by going out for a ride in my internal combustion engine car
— nic carter (@nic__carter) May 12, 2021
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After all said and done, Bitcoin is already recovering and trading at $50,804.40 at the time of writing with people obviously sticking to the mantra of “buying the dip”. It will be interesting to see if any large institutions consider this a good opportunity to get in on Bitcoin.
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Source: igaming
