Musk Splits From Cathie Woodâs Ark on Bitcoin Environmental Cost
May 13 2021, 1:39 PM
May 13 2021, 11:09 AM
May 13 2021, 1:39 PM
(Bloomberg)
(Bloomberg)
Two of the worldâs most high-profile cryptocurrency advocates are suddenly at odds over the environmental impact of Bitcoin.
With his surprise announcement that Tesla Inc. would suspend vehicle purchases using the biggest digital currency, Elon Musk became the most prominent voice yet to draw attention to the carbon-emitting energy sources used to sustain Bitcoinâs decentralized network.
The billionaireâs about-face came just three weeks after he appeared to endorse research from Cathie Woodâs Ark Investment Management LLC asserting that Bitcoin mining could end up being good for the planet by incentivizing renewable power.
(May 13): Cyptocurrency enthusiasts got a nasty shock Wednesday when Elon Musk, founder of Tesla Inc. and the second-richest person on the planet, announced on Twitter that his automaker wouldn’t accept payment in Bitcoin any more due to environmental concerns.
After all, this is the same man who just a few months earlier said Tesla bought into Bitcoin, to the tune of $1.5 billion. He tweeted “True” in response to a thread citing research that mining the token might actually spur the uptake of renewable energy, from Ark Investment Management LLC. Bitcoin mining is known to be energy-intensive, with the industry prizing cheap and plentiful power supplies.
Cyptocurrency enthusiasts got a nasty shock Wednesday when Elon Musk, founder of Tesla Inc. and the second-richest person on the planet, announced on Twitter that his automaker wouldn’t accept payment in Bitcoin any more due to environmental concerns.
After all, this is the same man who just a few months earlier said Tesla bought into Bitcoin, to the tune of $1.5 billion. He tweeted “True” in response to a thread citing research that mining the token might actually spur the uptake of renewable energy, from Ark Investment Management LLC. Bitcoin mining is known to be energy-intensive, with the industry prizing cheap and plentiful power supplies.
To print this article, all you need is to be registered or login on Mondaq.com.
The Malaysian courts have recognised cryptocurrency as a
security and a commodity. In the case of
Luno Pte Ltd
& Another v Robert Ong Thien Cheng (Civil Suit No.
BA-B52NCVC-389-12/2017), the Shah Alam Sessions Court held that
cryptocurrency falls within the ambit of anything under
Section 73 of the Contracts Act 1950 ( CA 1950 ) as
cryptocurrency is a form of commodity with an attached value. On
appeal, the Shah Alam High Court, in
Robert Ong Thien
Cheng v Luno Pte & Another (Civil Appeal No.
12BNCVC-91-10-2018), upheld the Sessions Court s ruling.