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Megacap tech stocks roar back into vogue as haven from slowdown
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Megacap Tech Stocks Roar Back Into Vogue as Haven From Slowdown
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Dow, S&P 500 Finish Lower In Turbulent Week, But Nasdaq Snaps Four-Week Losing Streak
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Elon Musk s U-turn on accepting bitcoin as payment due to energy concerns rocked the crypto world.
It could also halt the adoption of bitcoin by companies, who are increasingly climate-conscious.
Yet enthusiasts argue that Musk remains committed and that cryptocurrencies will bounce back.
When Elon Musk s Tesla announced it had bought $1.5 billion of bitcoin and intended to start accepting it as payment in February, the cryptocurrency shot up and speculation abounded that other companies would soon follow suit.
But Musk stunned cryptocurrency fans on Wednesday when he announced that Tesla would stop accepting bitcoin due to fears that its insane energy use is hurting the planet. Bitcoin tumbled as much as 15% on Wednesday before recovering somewhat and was around 22% below its record high on Friday.