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Elon Musk shakes the Crypto Market: Part 3

Elon Musk and the sustainability of crypto

  • Dean Fankhauser
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Elon Musk shakes the Crypto Market: Part 3

Didn't I tell you this would be a weekly tradition?

Tesla has now suspended purchases using Bitcoin. That lasted a whole month.

The reason for the suspension? Climate concerns. According to Elon Musk “ Cryptocurrency is a good idea… but this cannot come at a greater cost to the environment”. Afterward, Bitcoin value fell 10%, but it didn't fall alone, as Tesla also dipped. 

But Dogefather Elon reassured us. No Bitcoin was sold, and Tesla intends to accept Bitcoin as soon as mining shifts to using more sustainable energy. 

On Sunday, the cryptocurrency Twitter account CryptoWhale tweeted:

'Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #bitcoin holdings.

With the amount of hate @elonmusk is getting, I wouldn’t blame him'

To which Elon replied 'Indeed'. 

Hours after this debacle, Bitcoin fell below $43k, a loss of more than 8%

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