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Musk says Tesla is not planning to accept money in bitcoin

Elon Musk completely changed his support Wednesday when he announced that Tesla was suspending payment plans for its vehicles in cryptocurrency.

He put a change of heart on the environmental problems associated with the machines used to validate bitcoin transactions, and also highlighted the serious consideration of digital currencies that could lead to growing doubts about its growing popularity among other companies.

Musk met he strongly rebukes thanks to Tesla’s support for bitcoin, including from ESG currency brokers who prioritize environmental, cultural and regulatory factors. Tesla’s chief executive’s interest in the energy crisis He ran to the counter on the challenges of climate change which he has been claiming have led him to participate in the electronics industry.

The price of bitcoin jumped 15 percent on a single day in February when Tesla revealed it had it invest $ 1.5bn for its companies in digital currency and arranging for another day to receive it as payment for his cars. This article was seen as an important proof of globalization as well sparked controversy among corporate investors in spending.

Mu in short released on Twitter Wednesday, Musk said: “We are concerned about [the] is increasingly using excessive oil for mining and other resources, especially coal, which do not produce very good oil. ”

Bitcoin uses a “witness” method, relying on so-called miners who use large computer clusters to be able to do the math using a contract.

Musk’s statement concluded that Tesla was “looking at other cryptocurrencies that use <1% of the power / trading of bitcoin" - a statement that could clap hands with digital currencies that use other non-power-based methods to verify transactions.

Ether, the second most valuable commodity, has said it is moving in another direction called “price proof”, which does not rely on the same electric starvation method.

Musk also appeared to have sworn to Tesla to remove trading in bitcoin in order to raise profits in the future. The company’s advertisers were shocked last month to learn that it had sold some of its cryptocurrency stocks within a few weeks. $ 101m profit. In addition to environmental sales, business profits are generated more than the loss of Tesla’s large business business earlier this year.

“We are not selling anything,” Tesla’s boss said in a statement, although he did not specify how the car manufacturer would use the cryptocurrency or whether he wanted to invest some of his money in bitcoin.

The statement seems to indicate a departure from the use of bitcoin in Tesla’s assets. Company officials recently pointed out that the sale of the money was proof of its fulfillment, making it a viable option for investors – an idea that could be tarnished if Tesla no longer wanted to use it as a source of resources.

The price of bitcoin fell by about 4% after Musk’s claim.

The bitcoin exchange can also throw a cloud dogecoin, a cryptocurrency that has seen huge gains this year thanks in part to Musk’s support. As with bitcoin, dogecoin uses a guarantee of how it works.

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© Financial Times

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