Elon Musk’s Tesla will no longer accept Bitcoin payments for its products due to “environmental concerns”. Musk, naturally, announced it by tweeting about it, and caused a massive price drop for the most popular cryptocurrency on the market. This announcement came just two months after Tesla announced its support for Bitcoin payments, as well as its decision to invest 1.5 billion US dollars.
“Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk tweeted and added: “crypto currency 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.”
Source
Elon Musk had enough resources to be aware of Bitcoin's environmental cost back when he first started hyping this, so this reasoning does not seem particularly plausible to me.
“Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk tweeted and added: “crypto currency 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.”
Source
Elon Musk had enough resources to be aware of Bitcoin's environmental cost back when he first started hyping this, so this reasoning does not seem particularly plausible to me.
