Tesla has stopped accepting bitcoin due to environmental Impact
Elon Musk , the CEO of Tesla said in one of his recent tweets that , Tesla has stopped accepting bitcoin due to environmental impact.
So yes , bitcoin will no longer be accepted as a payment option at Tesla anymore. It has not been much time when one of the richest man started to accept Bitcoin as payment option earlier this year.
The company not only started accepting bitcoin as payment in the month of February but also invested a huge amount of $1.3 billion in it.
This also made bitcoin move up from $39000 to more than $50000 in less than a week of time.
Elon Musk has made this decision due to the environmental impact that happens due to bitcoin mining.
It consumes a large amount of energy for mining bitcoin. Because of this use of fossil fuels is increasing rapidly.
Tesla isn't selling any bitcoin and they said that they will hold them until a better transition for mining bitcoin comes.
Bitcoin is already nearing to $50000 , who knows that Bitcoin might move below this price mark soon.
Crypto currency and their prices are impact due to many reasons and one of the reasons more a days is Elon Musk , lol. I don't know if this is the reason behind the current downfall of btc or not.
That's all for this post , thanku.
Happy Trading Everyone.
Hello @theindiantrader, This sudden decision by E. Musk regarding Bitcoin, was to be expected, these people really know what they are doing and they pin each of their "steps", they know in advance who they can affect and to what extent, I think we should be attentive to the next movements in the market that could be driven again by a new financial strategy from E. Musk.