Elon Musk is having Tesla suspend Bitcoin purchases for their vehicles. This move has shocked a lot of his fans because of his support for cryptocurrencies over the last few years. Well, the environmental impact of these operations has been more in the news as of late. People are wondering if crypto is a good thing when there’s so much energy usage behind it. The same goes for warming contributions due to crypto farming. (Note: More information about the negative environmental impact of cryptocurrencies and NFTs is included at the bottom of this article) As a result, Musk has pushed the breaks on this practice until the technology advances to a place where these concerns aren’t as prominent. (There are some skeptical that the point will ever come.) Check out the Tesla boss’s tweet down below:
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emission of any fuel,” Musk wrote. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use
Musk also hosted SNL over the weekend. He tried to have some fun with his public image during the monologue. "I know I sometimes say or post strange things but that's just how my brain works," he joked. "To anyone I've offended, I just want to say I reinvented electric cars and I'm sending people to Mars on a rocket ship. Did you think I was also going to be a chill, normal dude?"
The Tesla magnate promised to be on his best behavior for the appearance during a promo. “Hi, I’m Elon Musk and I’m hosting SNL this week with musical guest Miley Cyrus,” he began. “And, I’m a wild card, so there’s no telling what I might do.” Cyrus interjects with a quick jab at “rules, no thanks!”
(Note: Many critics point to the environmental toll of NFTs, cryptocurrencies and other such technologies as having a disastrous effect on the planet and exacerbating climate problems. You can read more about that here)
Are you shocked by the announcement? Let us know in the comments!