The Lead: Watch Out For Dips In The Road
Every time Elon Musk says anything about a cryptocurrency, the markets react and that happened again on Wednesday.
This time, Musk said that Tesla will no longer accept Bitcoin payments for electric vehicles because the company is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
He did not know this before??
The value of Bitcoin fell 5% after this Tweet from Musk.
Tesla had been accepting Bitcoin for its cars. The company also purchased $1.5 billion worth of Bitcoin and that helped bring record first-quarter earnings. So after making some quick and easy money, now they realize it’s hard on the Earth? Interesting.
Musk’s Tweet said that the company will explore accepting alternative cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction. Crypto experts say that this will cause a boom in alternate coin values such as Ethereum.