Elon Musk has once again criticized Bitcoin, says he believes in cryptocurrency but wouldn’t support the environmental issue associated with it
Musk shocked the crypto market after he said in a tweet Wednesday, May 12 that his company Tesla has suspended vehicle purchase using Bitcoin.
According the decision was due to concern over rapidly spreading use of fossil fuels for Bitcoin mining and transaction.
Musk posted a chart on Twitter from the University of Cambridge showing Bitcoin’s electricity consumption has skyrocketed this year.
On February, Bitcoin saw it raise after Tesla said it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment, which saw an increase in Texas’s stock as well as Bitcoin.
Bitcoin remained not far from the lowest levels of the day after Musk’s latest tweet. The largest cryptocurrency was down about 9% to $49,700 since Musk’s criticism.
Musk has been an early corporate champion of adopting digital currencies and has helped spur the popularity of Dogecoin, a cryptocurrency started as a joke in 2013.
He also created on poll on Twitter were he asked fans if they wanted Doge to be use as mode of payment for his Tesla.