Elon Musk, during a ceremony in Berlin (Photo: Pool via Getty Images)
Everything that goes up ends up going down, a maxim many times applicable to the stock market. However, when tycoon Elon Musk is involved, this can happen instantly and with a single tweet. The director of Tesla has done it again. With a single tweet, he has shaken the highest valued cryptocurrency internationally, yes, bitcoin.
After posting on his personal Twitter account that Tesla would not accept as payment for its electric vehicles, bitcoin registered a 5% devaluation against the dollar, as pointed out by The Wall Street Journal, and a 10% drop in the stock market, as notes the BBC.
The reason that has led the owner of companies like Space X to make this decision has been the high electricity consumption that causes the creation of the necessary algorithms to generate one of these cryptocurrencies, the process known as ‘mining’.
In this sense, Musk sees a contradiction between the sale of electric cars, more environmentally friendly than those of fossil fuels, and the exacerbated use of electricity to create bitcoins. “Cryptocurrencies are a good idea … but it can’t be at the expense of great cost to the environment,” Musk explains in the statement, claiming that the miners could even be causing hikes in coal.
And your cryptocurrency?
However, it should be noted that Elon Musk has his own cryptocurrency, Dogecoin, and many have wanted to see the possibility of a strategy to impose their own digital currency on the one that leads the sector. In fact, the businessman already had a survey on his Twitter profile in which he asked if Tesla should accept dogecoins as payment.
Guess which option is winning.
The reactions have not been made to wait and Musk’s move has arrived …
This article originally appeared on The HuffPost and has been updated.