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Tesla’s Bitcoin about-face is a warning for cryptocurrencies that ignore climate change
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Over the weekend, Tesla chief executive Elon Musk suggested his company could sell off its Bitcoin holdings, sending the cryptocurrency plummeting.
It followed Musk’s announcement earlier this month that his company would no longer accept Bitcoin in payment for its electric cars, due to the fossil fuels needed to create the digital currency.
Bitcoin is created via high-powered computers solving complex mathematical equations. These computers use a lot of electricity, which is often generated by fossil fuels.
Tesla’s about-face is a blow to Bitcoin, the value of which jumped when Tesla got on board. Tesla’s stance is a big winner for both the climate, and the company’s “green” reputation.
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10.02 / 00:05
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