Bitcoin drops below $ 50,000 as Musk calls energy use ‘insane’ Climate News


Investors were surprised to see Tesla CEO Elon Musk change out of the price board.

Tesla Inc. Its chief executive officer, Elon Musk, doubled his attack on Bitcoin’s fuel demand, calling the recent consumer trend “insane.”

Kasturi posted a chart on Twitter from Cambridge University showing that Bitcoin’s electricity consumption has skyrocketed this year. On the second day, he criticized crypto mining for using fossil fuels and came after Tesla announced it would suspend car purchases using bitcoin.

Prices have plummeted to the board, much to the surprise of investors who have been turned down by one of Crypto’s strongest believers. Bitcoin sank 15% at one point in Thursday’s session. Below 50,000. Exchange operator Coinbase Global Inc. Sank as much as 5.3% and other tokens, including Ether and Dezcoin, declined.

“Bitcoin is also a manifestation of the value of the Internet and so it can stand that the community of social media and celebrities has influenced driving demand and will continue to do so,” said Stephen Kelso, head of its market. ITI Capital

A recent Citigroup Inc. The token excavation consumed 66 times more electricity at the end of 2015, the report said.

Musk on Wednesday hinted that Tesla could accept other cryptocurrencies if they were less energy intensive, and said the company would not sell any of its bitcoins.

It is unclear what prompted the decision, and Tesla’s chief financial officer Musk and Zachary Kikharn did not immediately respond to an email request for comment. Kirkhorn added the tongue-in-cheek title “Master of Coins” in March, according to regulatory filings.

Nevertheless, Kastur’s tweets raise questions about the attractiveness of Bitcoin as an investment at a time when institutional firms are becoming increasingly vocal about climate change and environmental issues.

“Surely he did his job before accepting Bitcoin?” Nick Carter is a founding partner of Castle Island Ventures and a leading voice among Bitcoin powerhouse advocates. “It’s very strange and confusing to see this immediate catastrophe.”

Bitcoin in Moscow in February $ 1. The plan to buy billions of dollars and adopt it as a form of payment has been a major catalyst in the crypto bull market. In the eyes of analysts, this has helped new investors add legitimacy to their tokens and help.

Kastur’s crypto tweets were often the subject of ridicule, and his attention to dogecoin brought the joke token into the mainstream. He investigated being a “dogfader” in the past and tweeted on Tuesday, “Do you want to take Tesla Days?”

But his Twitter posts could be a problem for many investors as they lean towards stock and crypto prices. For example, see his February 8 announcement that Tesla invested 1.5 1.5 million in Bitcoin.

The দিন 38,600 currency, which had rallied more than 15% since the announcement the previous day, added about 5 135 billion to the market value. Although his latest tweet erased nearly 100 100 billion over the course of a few hours, it looks at data from Coinmarketcap.com.

“Kasturi is playing the memoir ‘How to lose friends and aliens,'” said Anthony Trenchev, managing partner and cryptocurrency lender at Nexo in London.

“The community now needs to work harder to move forward with the details of renewable mining. The history of Bitcoin has taught us that the path to universal acceptance is not without obstacles – this is probably the biggest proof of it. “





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