June 15, 2021

Crash in the price of bitcoin after Tesla announced that it stops accepting it as a form of payment


MADRID

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The
bitcoin price
, the benchmark cryptocurrency, plummeted around 15% yesterday from intraday highs, after Elon Musk announces that Tesla stops accepting bitcoins as a means of payment. Tesla has suspended bitcoin vehicle purchases. We are concerned about the increasing use of fossil fuels for the process of mining cryptocurrencies and transactions of bitcoins, especially coal, which has the worst emissions of any fuel, “Musk announced on his Twitter account late Wednesday.

However, Musk assured in his message that “Tesla will not sell any bitcoin”, underlining that the company intends to continue using the cryptocurrency in its transactions as soon as the bitcoin mining activity has completed its transition to a more energy sustainable model. .

Also, the businessman announced that the company is paying attention to other cryptocurrencies that currently consume much less energy than bitcoin. “Cryptocurrencies are a good idea on many levels and we believe they have a promising future, but it cannot be at a higher cost to the environment,” he added.

Musk’s announcement comes just three months after the company revealed that it had invested $ 1.5 billion (1.747 billion euros) in bitcoin to enjoy “more flexibility” and “diversify and maximize.”

Bitcoin’s reaction to the businessman’s comment was immediate, closing Wednesday’s session at $ 49,150.4, about 15% below the high of $ 57,939 it had reached during the day.

In this way, in the first hours of trading this Thursday, the cryptocurrency managed to recover the level of $ 50,000, after having started the session at $ 46,980.

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