The powerful billionaire Elon Musk some hours ago revealed Tesla was suspending payments with the flagship crypto, triggering a dump in the Bitcoin.
In a post recently seen on social media, the tech entrepreneur in his words revealed the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” However, he added that the most valuable car company might accept other crypto assets “that uses <1% of Bitcoin’s energy/transaction.”
It’s important to note that Elon is still a strong believer in Crypto while advocating for clean technology.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk added.
Recent price actions reveal Bitcoin lost as much as $8,000 for the day has the flagship crypto plunged from $54,800 to a low of $46,294, In the early hours of the Asia trading session