The Tesla CEO posted a Tweet yesterday announcing that the company is no longer accepting Bitcoin for payments. It reads as follows.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned 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.
Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Following that Tweet, Musk responded by saying that the energy usage trend for Bitcoin over the past few months is insane.
The shocker from Elon Musk about Bitcoin and Tesla brought out quite a few responses from users on Twitter (NYSE:TWTR). Let’s take a look at some of those below.
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
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
if only there was a merge mined cryptocurrency that had a much smaller carbon footprint than bitcoin, and also had a dog on it 🤔🤔
— Shibetoshi Nakamoto (@BillyM2k) May 12, 2021
If you're concerned about the environmental impacts you should sell all your Bitcoin which will increase the supply thus reducing the price, the rewards for mining, and the energy expended claiming them
— Bram Cohen (@bramcohen) May 13, 2021
Please tell us you are replacing it with Dogecoin!
— Matt Wallace ⚠️ (@MattWallace888) May 12, 2021
It comes as no surprise that some users are hoping for Tesla to replace Bitcoin with Dogecoin (CCC:DOGE-USD). Musk has been a vocal supporter of the cryptocurrnecy. He even asked Twitter users on Tuesday if they wanted to electric vehicle (EV) company to start accepting the crypto.
TSLA stock was up slightly while the price of BTC was down 11.4% as of Thursday morning.
Investors that are still looking for more crypto news should keep on reading.
InvestorsPlace offers a wide variety of crypto coverage with daily content. That includes crypto stock such as Marathon Digital Holdings (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT), as well as alternatives to Bitcoin, like Dogelon Mars (CCC:ELON-USD) and Polkadot (CCC:DOT-USD). Investors can learn more about these topics at the links below.
More Crypto News
- Crypto Stocks: Why RIOT, COIN, MSTR, MARA Stocks Are Plunging Today
- Forget the Moon: The Dogelon Mars (ELON) Crypto Has Bigger Galactic Goals
- Polkadot (DOT) Price Predictions: Could This Up-and-Coming Crypto Hit $160 in 2021?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.