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Tesla backs down and stops accepting bitcoins as a form of payment for its environmental impact

PABLO SCARPELINI

Los angeles

Updated Thursday, May 13, 2021 – 11:25

Elon Musk reversed, three months later, the option of paying for his electric vehicles with bitcoins

Tesla Model 3 Cryptocurrencies Bitcoin plummets after Elon Musk’s announcement that Tesla stops accepting it as a form of payment

Tesla stop accepting Bitcoin as a form of payment for your electric vehicles. The reason, the environmental impact by the increase in “the use of fossil fuels” around the universe of the cryptocurrencies, against the fight against climate change of the company led by Elon musk.

The same South African businessman confirmed in Twitter His corporation’s decision, three months after giving the green light to use Bitcoin to acquire its coveted electric cars and give it a powerful price boost.

“Cryptocurrencies are a good idea on many levels and we think they have a promising future, but this cannot go hand in hand with a high cost to the environment “Musk wrote.

Still, he indicated that the company will not sell the reserves of the cryptocurrency that it owns – in February it invested 1.5 billion dollars in “digital reserves,” according to the securities authorities, waiting for a transition to be made towards the use of renewable energy.

Other cryptocurrencies

He added that they are considering other digital securities with a lower energy consumption than Bitcoin. Musk cited the use of coal as the most polluting fossil fuel, related to the so-called coal mining process. Bitcoins, a complex chain of solving mathematical problems that requires the use of computer equipment with massive energy consumption.

According to the calculations of Alex de Vries, an accomplished crypto expert, the amount of electricity destined to the mining of the most valued digital currency of the moment exceeds the consumption of countries such as Morocco or Serbia, a phenomenon in full swing due to the unstoppable rise in the value of these coins in recent years.

Own Musk He has been one of the champions of the cause that aspires to revolutionize the financial and banking world. However, your decision to backtrack Bitcoin three months later could be a major setback in your ascent unstoppable during 2021. Bitcoin fell more than 8% minutes after Musk sent the tweet, now standing at $ 52,900 per unit.

Tesla You are not alone in your interest in digital currency. Companies such as Square, Metromile or Nexon have joined the trend as an incentive for their customers and as a potential refuge from the inflationary pressure that prevails in the United States. Even financial giants like Morgan Stanley and Goldman Sachs are making Bitcoin trading easier for their clients.

Bubble?

The truth is that the debate is constant about whether it is something positive or negative, if it is a good investment or a bubble spurred by the enthusiasm of millennials and Gen Z youth in the US.

For now Tesla It has put the brakes on the euphoria by citing ecological reasons. That’s right, during the first quarter it sold $ 272 million worth of “digital goods.” that contributed to increase the quarterly profits of the company in a significant way. Musk stuff.

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