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Bitcoin Crashes As Elon Musk Announces Tesla Cars Can No Longer Be Bought With Cryptocurrency

Bitcoin – as well as dogecoin and other cryptocurrencies – have dropped in value in the wake of a critical tweet from Elon Musk.
The Tesla chief executive said that his company would no longer be taking bitcoin as payment for cars, leading its price to tumble and taking other major currencies with it.

Mr Musk said that the environmental concerns about the cryptocurrency were too strong, but did not rule out supporting it once more if its energy use became more sustainable.

“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,” he wrote in a long statement posted as a tweet.

It means that not only did bitcoin drop sharply, but other currencies – including dogecoin, which is actually , and has been strongly promoted by Mr Musk – saw their price fall. Of the ten largest cryptocurrencies, all but one were sharply down on Thursday morning, according to tracking website

Elon Musk has tweeted again – calling bitcoin’s energy usage ‘insane’. Strangely, it does not seem to have affected the price particularly.

It’s not the first time in recent months that a viral post has drawn attention to the environmental cost of bitcoin. In March, a video showed a cryptocurrency mine hooked to an oil well – and drew criticism as a perfect example of how much damage digital currencies were doing.

But, as Louise Boyle found, the truth was more complicated. Read the full story here.

Crypto billionaire donates to India’s Covid fight – and coins crash

Cryptocurrency billionaire and Ethereum co-founder Vitalik Buterin has made one of the largest individual philanthropic contributions ever, by donating Ethereum and “meme coins” similar to Dogecoin worth over $1bn to India’s Covid battle.

Unfortunately, the value of the currencies donated began to crash immediately after the gift was disclosed, making the total contribution worth considerably less.

On Wednesday Buterin, the 27-year-old co-founder of Ethereum, announced that he had contributed close to $1.5bn to a number of non-profit organisations, some of it from the more stable Ether.

Announcement comes days after Musk teased support for Dogecoin

Tesla and Elon Musk’s announcement that it will no longer be taking bitcoin comes just days after he asked his followers whether the car company should start taking Dogecoin for payments.

While Dogecoin does have an impact on the environment, it’s much cleaner than Bitcoin. There is no indication that the two are at all linked, or that one cryptocurrency will replace the other.

But those two tweets now stand next to each on Mr Musk’s timeline – which is, if nothing else, a notable contrast.

 

SOURCE  ;   TIMES KUWAIT

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