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USDT $0.99 (-0.0%)
BCH $533.43 (0.82%)
BSV $138.04 (2.11%)
LTC $139.42 (1.99%)
BNB $330.92 (2.94%)
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Elon Musk Suspends Tesla Purchases Using Bitcoin

Elon_Musk’s_Tesla_Suspends_Vehicle_Purchase_with_Bitcoin_Is_DOGE
  • Elon Musk announces Tesla is suspending BTC as a means of payment.
  • Musk also shared a Twitter poll on what people think about DOGE as the next option.
  • Bitcoin drops below $50,000 before bouncing back.

Few hours ago, Elon Musk released a statement on Twitter about Tesla suspending vehicle purchases using Bitcoin. Musk is concerned with the rapidly increasing use of fossil fuels used for Bitcoin mining and transactions.

The announcement on Twitter reads,

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come as great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.

On another note, people are speculating that Tesla is on the verge of accepting Dogecoin (DOGE). This is after Musk shared a poll on Twitter. Consequently, out of 3,922,516 respondents, 78.2% believe it is a good idea.

Hence, the public has started to foresee the chances of Tesla incorporating the meme token DOGE. More so, the reason for the poll has now become obvious to the crypto community. It can never be a welcoming idea to the Bitcoin community. However, it can be a big opportunity for DOGE to thrive on one of its highest levels.

Meanwhile, Bitcoin drops below $50,000 after the announcement. BTC expectedly reacted negatively to this news. Its price even went down to $46,000 before a slight recovery to $50,000.

Currently, the price of Bitcoin is $51,082.12 with a downward trend of over 10%. Apart from this, the volume is $100,457,829,815 in the last 24 hours.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.