{"id":248730,"date":"2021-05-13T16:20:36","date_gmt":"2021-05-13T13:20:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-fell-about-14-after-tesla-stopped-accepting-it-as-payment\/"},"modified":"2021-05-13T16:20:36","modified_gmt":"2021-05-13T13:20:36","slug":"bitcoin-fell-about-14-after-tesla-stopped-accepting-it-as-payment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-fell-about-14-after-tesla-stopped-accepting-it-as-payment\/","title":{"rendered":"#Bitcoin fell about 14% after Tesla stopped accepting it as payment"},"content":{"rendered":"

“#Bitcoin fell about 14% after Tesla stopped accepting it as payment<\/strong>”<\/p>\n

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Bitcoin plummeted as much as 14 percent after Tesla CEO Elon Musk said the electric car maker suspended use of the cryptocurrency as payment for its vehicles.<\/p>\n

Musk added in a tweet that Tesla would not sell any of its current bitcoin holdings, which had risen to nearly $2.5 billion as of the end of March.\u00a0<\/p>\n

The price of Bitcoin tumbled about 14 percent after the tweet, from a price of about $54,658 per token just before Musk\u2019s tweet to a low of $46,980 at around 8 p.m. ET, according to coinmarketcap.com. As of 8:30 a.m., Bitcoin was down about 11 percent, according to the coinmarketcap.com data.<\/p>\n

Musk cited environmental concerns in the announcement, saying that the company is concerned about the rising use of fossil fuels to mine Bitcoin<\/a> and to conduct transactions. The environmental toll of Bitcoin mining and that of other cryptocurrencies has been well documented for years.<\/p>\n

He added Thursday morning that, \u201cEnergy usage trend over past few months is insane.\u201d<\/p>\n

Musk, however, said that the company will consider accepting other cryptos.<\/p>\n

\"Elon
Elon Musk called the amount of energy used by Bitcoin of the past few months \u201cinsane.\u201d<\/figcaption>
Hannibal Hanschke via AP<\/span><\/figcaption><\/figure>\n

\u201cWe are also looking at other cryptocurrencies that use <1% of bitcoin\u2019s energy\/transaction,\u201d Musk said.<\/p>\n

Tesla announced in February that it bought $1.5 billion worth of Bitcoin and said the company planned to accept it for transactions. In March, the company began to accept the crypto as payment.<\/p>\n

\"Elon
Elon Musk announced that Tesla will look to accept other cryptocurrency as payment.<\/figcaption>
EPA\/MICHAEL REYNOLDS<\/span><\/figcaption><\/figure>\n

Tesla\u2019s embrace of Bitcoin at the time was seen as a huge step toward institutional acceptance of the cyber currency and it helped boost its price to record levels. Musk was met with sweeping criticism for his about-face on the crypto.<\/p>\n

Barstool Sports founder Dave Portnoy, who\u2019s made a name for himself recently playing the stock market and especially cryptocurrencies, called an \u201cemergency press conference\u201d on TikTok<\/a>.\u00a0<\/p>\n
\"Bitcoin
Bitcoin value dropped from $54,658 per token to a low of $46,980.<\/figcaption>
EPA\/JUSTIN LANE<\/span><\/figcaption><\/figure>\n

\u201cElon Musk just tried to tank Bitcoin,\u201d Portnoy said. \u201cYeah, the same Elon Musk who had Bitcoin on Tesla\u2019s spreadsheet and their balance sheet so Tesla can show a profit at the end of a quarter because they\u2019re not selling cars, now suddenly Bitcoin\u2019s bad.\u201d<\/p>\n

He added that Musk has been \u201cpulling the levers like the Wizard of Oz on crypto.\u201d\u00a0<\/p>\n

\u201cThis is bulls\u2014,\u201d Portnoy said, describing himself as a former \u201cElon fanboy.\u201d <\/p>\n

\u201cThis move Elon\u2019s doing, up and down and changing markets, shady sh\u2013, shady sh\u2013,\u201d he added.\n <\/p><\/div>\n