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BTC $43235.54 (1.43%)
ETH $2998.63 (2.54%)
USDT $1.00 (-0.0%)
BCH $512.37 (-0.0%)
BSV $129.71 (-3.5%)
LTC $151.66 (-0.2%)
BNB $344.00 (-2.1%)
ADA $2.27 (-2.8%)
DOGE $0.20 (-1.5%)

Hoskinson: Could Elon Musk Consider ADA as a Tesla Payment Option?

Hoskinson Could Elon Musk Consider ADA as a Tesla Payment Option
  • Charles Hoskinson invited Musk to a talk
  • Will Elon Musk consider Cardano that is 1.6 million more energy-efficient than Bitcoin?

Cardano founder Charles Hoskinson invited Elon Musk for a talk. This comes after Musk has removed Bitcoin (BTC) as a Tesla payment option. This is due to the issue related to energy consumption. Will Elon Musk consider Cardano (ADA) that is 1.6 million more energy-efficient than Bitcoin?

People started debating over Bitcoin’s proof-of-work (PoW) consensus algorithm. Bitcoin transactions consume more energy. All these debates came when Musk said Bitcoin’s energy consumption is insane.

As a result, Tesla removed Bitcoin from its payment options. However, Musk said Tesla keeps the door open for better alternatives.

In an interview, Charles Hoskinson explained the advantage of the proof-of-stake (PoS) consensus algorithm over proof-of-work (PoW). PoW powers the energy-consuming Bitcoin (BTC). Hoskinson said that Cardano is 1.6M times more energy-efficient than Bitcoin.

In Musk’s tweet, Tesla still supports crypto. Also, the company is open to other alternatives, as said above. But, Musk said that they are looking for less than 1% of what Bitcoin uses.

Charles Hoskinson invited Musk to a talk, but no response yet as of writing. However, Elon Musk has not turned to any crypto as a better alternative to Bitcoin.

Moreover, Cardano’s price set a new all-time high above $1.90. When filing this report, ADA is trading at $1.88. This is a relatively 17% price upsurge in the last 24 hours.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.