What Crypto Insiders Think About Elon Musks Bitcoin U-turn


If you are looking for what crypto insiders think about elon musks bitcoin u-turn ? Then, this is the place where you can find some sources that provide detailed information.

what crypto insiders think about elon musks bitcoin u-turn

Why did Elon Musk suspend bitcoin purchases?

And more importantly, Musk has now announced on Twitter that Tesla has suspended purchases using bitcoin amid concerns about the “rapidly increasing use of fossil fuels” used in mining the cryptocurrency.

Will the musk U-turn slow down the Crypto Craze?

That said, the Musk U-turn, and its immediate effect on the digital currency prices, could slow things down for the crypto craze. At the heart of cryptocurrency adoption is the belief that it can become a safe place to store cash.

Did Tesla invest in Bitcoin?

Tesla's disclosure in February that it had invested around $1.5 billion in bitcoin and that it soon planned to begin accepting the digital currency as payment for Tesla vehicles only played into that belief. Indeed, the price of bitcoin was just over $37,000 back in early February when Musk disclosed his company's bitcoin investment.

Where did Elon Musk's $101 million profit come from?

But nearly a quarter of those profits, or $101 million, came from selling a portion of the company's stake in bitcoin. "We are concerned about rapid increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said on Twitter.

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