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May 13, 2021 Elon Musk has thrown the cryptocurrency markets into turmoil once again as he rescinds bitcoin payments for Tesla vehicles. Less than two months ago, Musk announced that Tesla would accept payment in bitcoin. Now he’s done an about-turn. “Tesla has suspended vehicle purchases using bitcoin,” Musk tweeted. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles. It’s this energy-intensive process, that often relies on electricity generated with fossil fuels, that Musk is calling out. ....
Whatâs really behind Muskâs Bitcoin u-turn? By Nigel Green Share Elon Muskâs sudden u-turn regarding Bitcoin on Twitter - which sent prices plummeting by 15% - could be more of a PR stunt than anything else. The observation comes as the Tesla billionaire boss said the company will halt sales of cars using Bitcoin due to the environmental impact of mining that cryptocurrency. Musk is once again flexing his influencer muscles on social media. In a somewhat Trumpian move, heâs taken to Twitter to announce a major u-turn. Just a few months ago, to much fanfare, Musk announced that his company Tesla had bought $1.5 billion worth of Bitcoin and that it would accept it as payment for cars. The move was one of the reasons the cryptocurrencyâs price has soared this year. ....
Elon Musk's Tesla sold its Bitcoins to prove liquidity as a cash alternative! marketbusinessnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketbusinessnews.com Daily Mail and Mail on Sunday newspapers.