Tesla backtracks and finally turns its back on Bitcoin
Barely a few weeks after announcing that Bitcoin would be accepted to buy Teslas, Elon Musk turns around and explains that cryptocurrency is finally no longer accepted. The reason...
11/03/2022
Barely a few weeks after announcing that Bitcoin would be accepted to buy Teslas, Elon Musk turns around and explains that cryptocurrency is finally no longer accepted. The reason ? Ecology.
Can a manufacturer that is strongly committed to electric mobility and de facto sustainable development really accept Bitcoin as payment currency for its vehicles? A few weeks ago, Elon Musk announced with great fanfare the addition of Bitcoin as a means of payment. An announcement that obviously drives up the price of cryptocurrency.
Today, the Bitcoin chart is doing the face. Elon Musk has indeed relayed on his twitter account the gargantuan consumption of electrical energy of the Bitcoin network. Incompatible with a brand with a "green" profile.
"We are concerned about the increasing use of fossil fuels for bitcoin 'mining' and transactions, particularly coal."
Elon Musk, however, has a funny speech. At the same time, he is organizing a big poll to ask if Dogecoin, another highly volatile cryptocurrency that is not based on the most concrete or solid project, should be accepted as a means of payment. Isn't the businessman playing a little too much with the markets?
The American stock market policeman, the SEC, cannot do anything in this case, since cryptocurrencies are not considered assets such as securities. Elon Musk, with announcements on Twitter, can therefore make rain or shine on a growing market.
Ecologically, opinions differ. Some sites specializing in cryptocurrency specify that the Bitcoin network and mining use 70% renewable energy. Others strongly debate this value, to be taken with great tweezers. At the same time, it must be said that the current classic banking system, with fiat currencies, is also very energy-intensive.
Still, it's a little hard to believe that a man as brilliant as Elon Musk didn't already know that Bitcoin was energy-intensive. So what is the real reason for this reversal? Some mention the fact that it could also be pressure from the US administration, which has already heavily subsidized Tesla and does not see the company very favorably playing with uncontrolled assets.