The billionaire genius is currently the second richest man in the world, Elon Musk He has over 54 million followers on Twitter, and his company, Tesla and SpaceX, has millions of stakeholders as well, which means he can control a few things. The one thing that has been controlling a lot in recent weeks has been the ups and downs in the cryptocurrency markets.
Last week, his Saturday Night Live appearance saw the price of Dogecoin spike, but only fell, leaving those involved in Dogecoin trading unaware of what to do next. Now, he tweeted that his auto design firm Tesla will no longer accept Bitcoin payments, which have seen $ 365 billion wiped from Trade cryptocurrencies Market earlier today.
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His tweet was a long note stating that Tesla has stopped accepting cryptocurrency payments due to the increase in the amount of fossil fuels used in cryptocurrency mining, which is not beneficial to the environment. It’s ironic because Tesla recently bought $ 1.5 billion in Bitcoin and the auto maker himself is supporting the “green revolution” with the production of electric cars.
Now, what does this mean Cryptocurrency investors? That could mean new rallies for various currencies to come, as the vast majority of tokens were in red this morning. “It could be the sell that is putting Bitcoin to an all-time high,” He said David Greider From Fundstrat Global Advisors LLC. It could also mean that Tesla may indicate plans to make the cipher “greener”.
Tesla and Bitcoin pic.twitter.com/YSswJmVZhP
Elon Musk (@elonmusk) May 12, 2021
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