Recently, Tesla’s Elon Musk had tweeted that the company would not be accepting cryptocurrency due to environmental concerns. Bitcoin mining is an energy-intensive process and this has serious consequences on our environment. After Musk’s tweet Bitcoin slid to nearly $46,000 and later recovered to $51,039.
David Grider of Fundstrat Global Advisors LLC said that this could be a selloff that sets Bitcoin up for new all-time highs and he would not be surprised if Tesla has plans to make crypto ‘greener.’
Some experts are considering the option whether Musk is planning to promote some other cryptocurrency with a greener profile.
Vijay Ayyar, head of Asia-Pacific at Luno Pte says that it does not add up and suggests that Usually in such cases there are unknown motives at play.