![]() Fast-forward a few short weeks and the situation has changed entirelyįirst came the news in late April thatTesla had sold10 per centof its Bitcoin holdings, reportedly to demonstrate the digital currency's liquidity.And more importantly, Musk has now announced on Twitter that Tesla has suspended purchases using Bitcoin amid concerns about the "rapidly increasing use of fossil fuels" used in mining the cryptocurrency.This has prompted a huge sell-off in the crypto markets, with Bitcoin plunging from around $US55,000 to the mid-$US45,000s, before recovering to around $US50,000 at the time of writing.The concerns around Bitcoin's carbon footprint are hardly new. The priceof the largest cryptocurrency surged that day from just over $US39,000 to $US46,000, on its way to an all-time high of almost $US65,000 in April and a paper profit of well over $US1 billion for Tesla. What Elon Musk's U-turn on Tesla payments means for Bitcoin and the future of cryptocurrencies Tesla's relationship with cryptocurrencies has been a stop-start rollercoaster.In February, the electric vehicle manufacturerannounced it had purchased$US1.5 billion ($1.9 billion) of Bitcoin and planned to accept the cryptocurrency in future as a means of payment from its customers. ![]() Analysis What Elon Musks Uturn on Tesla payments means for Bitcoin and the future of cryptocurrencies ![]()
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