Musk’s bitcoin turnaround pleases some Tesla investors – Reuters
- Date: 15-May-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Musk’s bitcoin turnaround pleases some Tesla investors – Reuters
Elon Musk's decision to stop accepting bitcoin as payment over environmental concerns has been well-received by some of Tesla Inc's (TSLA.O) investors, offering a warning to corporate peers mulling a dabble with the cryptocurrency.
The Tesla boss' tweets, which had helped drive some of the gains in bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company's customers would no longer be able to use bitcoin to buy its cars. read more
Driving the decision, Musk said, was concern over the amount of energy it takes to "mine" bitcoin, with much of it done in China using cheap, climate-destroying thermal coal. Tesla could revisit the decision if the situation changes, he added.
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