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Elon Musk collapsed bitcoin, does not accept it as “Tesla” (infographic)



The price of bitcoin fell by 12% after Tesla boss Elon Musk announced that he would stop accepting cryptocurrency as payment for his electric cars, CNN reported.

The price has dropped to $ 50,900 for bitcoin, and according to some sources has collapsed to 17%. Musk cited the high environmental price of the cryptocurrency as the reason for the decision.

“We are concerned about the rapidly growing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of all fuels,” Musk said. He added that the electric car maker would not sell any of its bitcoins. Instead, it intends to use them for transactions as soon as cryptocurrency mining switches to more sustainable energy.

Tesla’s decision in March to accept cryptocurrency in payments for the purchase of a car was met with outrage by some environmentalists and investors. In February, the electric car maker revealed that it had bought $ 1.5 billion worth of bitcoins.

Cryptocurrency is created by powerful computers competing with other machines to solve complex mathematical problems. This is an energy-intensive process that currently often relies on electricity produced from fossil fuels and in particular coal.

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