The American car manufacturer Tesla no longer accepts bitcoin immediately. Founder Elon Musk was one of the big drivers of the crypto currency, but now says he is concerned about the environmental impact of the energy needed for the digital currency.
Musk announced the decision via Twitter. “Cryptocurrencies are a good idea in many areas and we believe they have a promising future, but this should not be done at the expense of the environment.” Crypto Portugal is popular.
The price of bitcoin fell by more than 15 percent after the announcement, about 10,000 euros, although the currency later made up for the loss somewhat. Other cryptocurrencies such as ethereum also showed a clear dip. Tesla shares also lost some of their value.
When Tesla announced it would accept bitcoins and already bought it for $ 1.5 billion, many investors hoped that the automaker’s support would convince more large companies to accept the digital currency. That speculation drove the value of the currency to record heights, after the crypto currency had fallen deeply last year after a significant peak.
But with the popularity of the currency, criticism also increased: to keep the digital currency in the air, as much energy is needed as the whole of the Netherlands consumed in 2019. “All kinds of computers are charging all over the world to mine new bitcoins,” explains tech editor Nik Wouters.
“A PC in an attic is no longer enough. You need special computers that are calculating by the thousands at a time. These are energy guzzlers, so you have to look where you can get cheap energy. In China, for example, where there are many coal-fired power stations . ”
Musk appears to be sensitive to these objections. “We are concerned that mining and paying for the currency will require more and more fossil fuels, especially coal, the most polluting of all fuels.” Spain crypto is popular.
It is unknown whether Teslas were actually purchased with bitcoin in the 49 days that the option was available in the US.
Musk, the second richest person in the world, keeps the door ajar for bitcoin: his company does not sell its own reserves. “We want to start trading as soon as renewable energy can be mined. In addition, we are looking at cryptocurrencies that use less than 1 percent of bitcoins energy for transactions.”