Saturday, May 31, 2025

Latest

Tesla Suspends Bitcoin Use Over Environmental Impact Concerns

Less than two months after Elon Musk announced that Tesla would begin accepting bitcoin for payment, it appears the CEO has made a dramatic turnaround, tweeting on Wednesday that Tesla will be suspending bitcoin payments over environmental concerns.

Musk, who has been unquestionably the most vocal proponent of bitcoin in American financial markets, proudly announced in April that it made a $272 million profit from the sale of its bitcoin holdings. Then, earlier this week, the Tesla CEO entertained the possibility that the EV maker may begin accepting meme cryptocurrency dogecoin for payment.

However, it appears that the cognitive dissonance stemming from the misalignment between Tesla’s environmentally-conscious persona and bitcoin’s enormous carbon footprint was too much to bare, prompting Musk, a strong believer in cryptocurrencies, to suspend bitcoin payments. “Cryptocurrency is a great idea on many levels and has a promising future but this cannot come at a great cost to the environment,” he wrote, adding that Tesla “will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

The last metric perhaps hints that Musk may be mulling dogecoin as an alternative, which he recently embraced when he appeared as a host on Saturday Night Live last week. Then, on Monday, Musk announced that he will literally send dogecoin to the moon, via a satellite launch to the lunar orbit paid for entirely with the meme digital currency.

According to CoinMarketCap, bitcoin plummeted by more than 5% following Musk’s latest tweet.

Information for this briefing was found via CoinMarketCap and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Bitcoin Republic Pt. 1: El Salvador’s Bitcoin Bro

International media most recently had occasion to pay any attention at all to the tiny...

Monday, February 21, 2022, 09:00:00 AM

Bitcoin Miners Bracing for Multibillion-Dollar Revenue Hit as Reward Halving Looms

The Bitcoin network is set to undergo its highly anticipated “halving” event around April 20th,...

Monday, April 15, 2024, 03:10:00 PM

Nextech AR Shaken Out Of Bitcoin Position After Just Three Weeks

After announcing the purchase of bitcoin just three weeks ago, Nextech AR Solutions (CSE: NTAR)...

Friday, January 22, 2021, 08:03:47 AM

Elon Musk, Who Wants His Worst Critics To Remain On Twitter, Suspends A Critic’s Account

Twitter has taken action against two accounts associated with a vocal critic of Tesla (Nasdaq:...

Thursday, June 15, 2023, 11:00:10 AM

Elon Musk’s Neuralink Accused Of Killing 15 Of 23 Test Monkeys With Tech Research

It appears that Elon Musk’s Neuralink is more than a little away from prime time....

Saturday, February 12, 2022, 12:50:39 PM