Elon Musk has once again altered the trajectory of a cryptocurrency – this time with Bitcoin. Via Twitter, Musk announced that Tesla will no longer accept Bitcoin due to concerns regarding the cost and affiliated energy usage in Bitcoin mining.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.”
Musk added that Tesla will NOT be selling any Bitcoin and will use it for transactions while looking at other more energy friendly cryptocurrencies.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Following his Tweet, Bitcoin tanked to under $50,000. Just last month, Bitcoin topped $63,000.
Musk continues to hold an impressive sway over the trajectory of the crypto markets. Following his appearance on Saturday Night Live, where he admitted Dogecoin was a hustle (in jest), the cryptocurrency quickly dropped in value too.
Now yesterday, Musk posted a survey on Twitter asking followers if Tesla should accept Dogecoin. Out of almost 4 million votes, over 78% of responders said yes. So perhaps you will be able to buy a Tesla with Doge? It could happen….
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021