Bitcoin fell drastically after Tesla CEO Elon Musk announced that the e-car manufacturer no longer accepted Bitcoin as a means of payment due to excessive electricity consumption.
Latest situation in Bitcoin!
The leading cryptocurrency fell as low as $ 45,700 since February due to the announcement before returning to $ 50,000. .
However, Tesla will not sell any Bitcoin it currently holds on its balance sheet.
Additionally, it aims to continue with BTC payments once energy consumption becomes more sustainable.
Tesla is also looking for an alternative that uses less than one percent of Bitcoin’s electricity. The famous billionaire recently conducted a survey to find out if Dogecoin should be added as a means of payment for car sales.
Bitcoin enthusiasts and Elon Musk
As expected, Musk was harshly criticized by Bitcoins for the decision, and Michale Saylor, CEO of MicroStrategy, pointed out that high-level energy is not actually used in a Bitcoin transaction.
Ironic because high energy is not used in Bitcoin transaction. Energy is used to secure the crypto asset network, and the net impact on fossil fuel consumption will be negative, all things considered.
Meanwhile, Saifedean Ammous, author of “The Bitcoin Standard,” accused Musk of pretending to be an “ignorant hypocrite”.
If you haven’t replaced your rockets and your battery generation with “more sustainable energy,” you will look like a stupid big hypocrite here. The world needs solid money more than it needs your rockets and government-sponsored electric cars.
Many Bitcoins want to boycott Tesla’s products.