Posted 1 month ago | by Catoshi Nakamoto
After asking his followers on Twitter should Tesla accept Dogecoin, Tesla CEO Elon Musk has posted a tweet announcing that Tesla will immedtiately suspend vehicle purchases using Bitcoin due to flawed concerns over the environmental impact of the number one digital asset.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement.
This comes after Elon Musk appeared on Saturday Night Live mocking Dogecoin and cryptocurrency calling it a “hustle.” Additionally, as Bitboy Crypto reported, Elon Musk’s other company Space X recently announced that in partnership with Canadian engineering firm Geometric Energy Corporation, they will launch its DOGE-1 Cube Sattelite to the Moon in the first quarter of 2022. As the name implies, the satellite is entirely funded by Dogecoin — the first commercial lunar payload paid for with the cryptocurrency, Geometric Energy said.
The mission will launch aboard a Falcon 9 rocket headed to the moon. The 88-pound Cube Sat will collect “lunar-spatial intelligence” through a combination of cameras and sensors, according to the company. Space X Commercial sales VP Tom Ochinero said the mission would demonstrate the viability of crypto beyond Earth and establish a “foundation for interplanetary commerce.”
Tesla also indicated that it won’t be selling any Bitcoin and that the company would intend to use it for transactions as soon as mining transitions to sustainable energy.
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” the new statement reads. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
This comes just a few months after Tesla started accepting the world’s largest cryptocurrency, Bitcoin, for purchasing of its electric vehicles.
In March, Musk said U.S. customers could purchase Tesla vehicles with Bitcoin, marking a significant step forward for the cryptocurrency’s use in buying goods and services. Further, Tesla acquired $1.5 billion in Bitcoin in January, helping to propel the number one digital asset to higher prices. Dogecoin on the other hand began as a social media joke in 2013 with a shiba inu dog as its avatar, and an unlimited supply.
In January, Musk also added one single word to his bio which caused the cryptocurrency markets to react, Bitcoin. He also sent out a cryptic tweet, “In retrospect, it was inevitable.” It was recently revealed in a Q1 2021 earnings report that Tesla sold 10% of its Bitcoin holdings. Musk said this was to prove the cryptocurrency’s liquidity as an alternative to holding cash on the balance sheet according to a Tweet by The Dogefather. Musk added that he has not sold any of his personal Bitcoin.
Shhhh… no one tell Elon that his favorite doggie coin, Dogecoin is a Proof Of Work cryptocurrency which also uses electricity. Ben of Bitboy Crypto breaks down all the FUD about Bitcoin’s environmental impact in the video below. Be on the lookout for a video next week where Bitboy Crypto will debunk the fallacy that Bitcoin only has a negative impact on the environment.
Bitcoin is currently trading at [FIAT: $50,237.92] DOWN –11.1% in the last 24 hours according to Coingecko at the time of this report.