Cryptocurrency || Bitcoin Price Fell 10% After Elon Musk's tweet

Bitcoin Price Fell 10% After Elon Musk's tweet

The price of the well-known cryptocurrency Bitcoin Price Fell 10% After Elon Musk's tweet in the last 24 hours.

Elon Musk, CEO of electric car maker Tesla, tweeted that Tesla would no longer accept bitcoin as a currency due to climate change concerns.

Tesla's share price has also fallen since Elon Musk's announcement.

It may be recalled that in March, Tesla had said that it would take the bitcoin as money, but on this occasion, the workers and the company's own investors had expressed their anger regarding the environment.

In February, Tesla announced that it had bought 1.5 billion worth of bitcoins. On Thursday, however, they changed their March policy.

We have concerns about the rapid growth of fossil fuels in bitcoin mining, especially coal, which emits the worst emissions of any fuel," said Elon Musk.

"Cryptocurrency is a good idea, but it can't run at the expense of the environment."

He added that his company would not sell its bitcoins but would use them in ways that would make bitcoins more environmentally friendly.

Experts believe that Tesla has done so to allay the concerns of investors who prioritize climate change issues.

"Environmental, social and corporate governance issues are now very important to many investors," 

However, he said, "Anyone with a negative view could say that this is another attempt by Elon Musk to influence the cryptocurrency market, as he has done in the past."

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Last month, Tesla announced a profit for the first time in three months at 43 438 million, up from 16 million last year. They also include the sale of bitcoins and environmental credits.

Elon Musk is considered one of the most important proponents of cryptocurrency in the world and has often tweeted about bitcoins and once anonymous doge coins.

Due to his recent tweets, Doge Coin, which was made as a joke on social media, became the fourth largest corrupt currency in the world.

What are the environmental concerns about bitcoin?

Bitcoin is created through mining for which extremely powerful computers solve extremely complex mathematical problems. This is a very energy-intensive process and most of the deaths depend on the electricity that is generated with the help of fossil fuels, especially coal.

In this market, there is no point in going for expensive renewable energy sources as compared to Chinese bitcoin miners' rails and cheap fossil fuels. China accounts for 75% of the world's bitcoin mining, and its carbon footprint is about the size of China's largest cities.

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