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  • 2021-07-06 (xsd:date)
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  • which has the worst emissions of any fuel." Within a week Bitcoin plummeted by one-fifth. Since then (en)
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  • Elon Musk criticises Bitcoin for its enormous energy consumption of fossil fuels. Without further ado, he drops it as a payment option at Tesla, whereupon the Bitcoin price falls rapidly. Musk is mostly right about the greenhouse gas emissions involved in Bitcoin mining, but he is mostly wrong about the trend. Creating and destroying values of billions with a few tweets – that is what Tesla CEO Elon Musk has been doing in recent months, proclaiming his opinion on the cryptocurrency Bitcoin via Twitter and changing it again soon after. At the end of January, Musk revealed himself as a supporter of the market-leading cryptocurrency Bitcoin: with a simple #bitcoin in his profile description, he contributed to the digital currency’s price rising by around 20 percent. A week later, he also announced that Tesla had invested around $1.5 billion in Bitcoins. Soon, Tesla electric cars should also be available for purchase with Bitcoins. When he followed up on his announcement on March 24, the price of the cryptocurrency rose again, landing temporarily at the previous high of more than $64,000 before stabilizing at around $55,000 in May. Cryptocurrency goes up – and down again But then the turnaround: Elon Musk tweets on May 13: Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions (en)
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