Musk Statement Led Bitcoin Fall Below $50k
- ByStartupStory | May 14, 2021
Tesla CEO Elon Musk’s statement led price of bitcoin to fall below 50,000 on Thursday morning. Elon Musk tweeted a day earlier that the electric car maker would stop accepting the digital currency as payment for its vehicles.
Musk’s statement led bitcoin slip to 49,880 the first time it’s been below 50,000 since early March. Musk on Wednesday cited environmental concerns for the change in policy.
“We are concerned about rapid increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”, Musk’s statement led to the slip of Bitcoin said on Twitter. He added that “cryptocurrency is a good idea on many levels but its promise cannot come at a great cost to the environment”.
He also said that Tesla won’t be selling any of the Bitcoin it owns.
The environmental concern and Musk’s statement led to the fall of bitcoin is based on facts as bitcoin miners unlock bitcoins by solving complex, unique puzzles. As the value of bitcoin goes up, the puzzles become increasingly more difficult, and it requires more computer power to solve them. Estimates on how much energy Bitcoin uses vary
Total global emissions of the greenhouse gas from the burning of fossil fuels were about 37 billion tons last year.
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