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Bitcoin fell to its lowest point in almost three weeks on Wednesday evening after Tesla CEO Elon Musk announced that his company will stop accepting bitcoin as a form of payment. This following concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”
Although Musk believes that cryptocurrency “has a promising future,” he concluded that the rise of digital assets “cannot come at a great cot to the environment.
The announcement comes as a surprise as just recently Musk confirmed Bitcoin’s role as a catalyst for renewable energy.
Bitcoin immediately plunged to as low as $46,9820.06 according to CoinMarketCap data.
Tesla’s decision has caused a stir on frenzy with many questioning Musk’s integrity, speaking about “pumping and dumping” practices and wondering if perhaps ‘uncle Sam’ has been tapping him on the shoulders:
Morgan Creek Digital founder, Anthony Pompliano send Musk a reminder:
MicroStrategy CEO, Michael Saylor, took the opportunity to educate Elon on energy usage.
Saifedean Ammous, writer of ‘The Bitcoin Standard’ was a bit more direct in his words and even called Musk a “hypocrite”.
Nic Carter, who himself debunked Bitcoin’s environmental concerns in a well researched article on March 30 try to ease up sentiments and commented:
After all said and done, Bitcoin is already recovering and trading at $50,804.40 at the time of writing with people obviously sticking to the mantra of “buying the dip”. It will be interesting to see if any large institutions consider this a good opportunity to get in on Bitcoin.