Tesla CEO Elon Musk has stated that the electric vehicle company will no longer accept payments in BTC for its products. Tesla is backing away from accepting BTC as a payment method In a Wednesday tweet (May 12, 2021), Elon Musk announced that Tesla has suspended bitcoin payment for its electric vehicles. The CEO cited bitcoin's massive consumption of electricity as the reason. Tesla first announced that it had purchased $1.5 billion worth of bitcoin in February 2021. Soon after, the company suggested that it would start accepting BTC as payment for its products. Ending in March, the automaker revealed that U.S. customers can already pay for cars using the original cryptocurrency. Tesla accepting bitcoin was met with harsh criticism from environmental advocates. This is because they said that the move goes against Tesla's clear stance on managing global emissions. Meanwhile, there is no clear consensus on Bitcoin's energy consumption, although some critics like to espouse the "ocean boiling" narrative. Bitcoin's price is falling. Is it time for DOGE? After Musk's tweet, the price of Bitcoin immediately dropped, losing $3,000 in less than 15 minutes. Bitcoin was trading at nearly $55,000 and fell below $52,000 within minutes. In the news we can read: Tesla will not be selling any Bitcoin and we intend to use it for transactions as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin's transactions/energy. Interestingly, Elon Musk just yesterday took a poll on Twitter asking his followers if they would like his company to accept DOGE. 78% of the 3.9 million respondents supported such an idea. Looking at Musk's reasoning, however, Dogecoin could suffer the same fate as Bitcoin. This is because DOGE also uses the same proof-of-work (POW) consensus. Tags bitcoin btc doge Elon Musk Tesla
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