Wednesday, May 12, 2021

Tesla Suspends Bitcoin Payments

Elon Musk announced through Twitter that Tesla has suspended the use of Bitcoin for its vehicle purchases.

According to the statement, the company was "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," and while cryptocurrencies were a "good idea on many levels" and have a "promising future" they cannot come at the expense of the environment.

The statement also added that the company won't be selling any Bitcoin.

Musk just figured this out?

I doubt it. 

 Musk plays one very strange game. 

 Bitcoin is down 11.58% on the news.





 -RW

3 comments:

  1. When I first heard this objection to bitcoin from Kevin O'Leary I thought it was completely bizarre - granted it wasn't his idea rather he said the investment community with their sustainability requirements resisted him going into Bitcoin.

    But if you're playing a game with the price and you want to crash it nobody's going to give you a problem if you say it's for the environment.

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  2. Musk can surprise with his lack of thought sometimes. Ego is quite large and maybe justified. Still, a big welfare queen

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  3. Jimmy Joe MeekerMay 13, 2021 at 10:57 AM

    Nothing strange about it. Bitcoin has always been a vehicle to move the world to the energy use rationing currency that technocracy has wanted since the 1930s. It's a few steps from being there. It's energy based in that it consumes energy to solve the puzzles to be generated. To get to a currency that rations energy that energy consumption aspect of bitcoin must be brought into the forefront. Then a new generation currency won't use any energy to be generated but will represent energy. It's just that slow boiling of the frog moving people's thinking incrementally.

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