$425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment
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Elon Musk has released a statement saying Tesla will no longer accept Bitcoin as payment for its electric vehicles. The firm said the decision was based on the increasing use of coal in Bitcoin mining.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emmissions of any fuel.”
This coincided with a sharp decline in the total crypto market cap, which saw $425bn wiped from valuations before bottoming at $2.06 trillion in the early hours (UTC). Bitcoin is down 10.5% in the last 24-hours.