• Home
  • News
  • AMA’s
  • Calendar
  • Tutorials
  • Videos
  • Advertising
  • Contact Us
  • Disclaimers
    • Careers
    • About BSCTimes
    • Privacy Policy
    • CCPA
    • DMCA
    • Terms of Use

Featured Articles

News

‘Binance Institutional’ has Just Launched for VIP And Institutional Players

June 28, 2022By BSCTimes1 Min Read
Press Releases

BNB Chain Deep Dives into Blockchain Education with University of Zurich’s Summer School

June 22, 2022By BSCTimes5 Mins Read
Press Releases

Binance Labs and BNB Chain Open Applications for 5th Cohort of MVB Accelerator Program

June 22, 2022By BSCTimes3 Mins Read
Press Releases

Free-to-Mint Gaming: The Newest Game Changer Introduced by Minionverse | Presales are Now Live!

June 20, 2022By BSCTimes3 Mins Read

Subscribe for Updates

Get the latest cryptocurrency news, information and updates.

Friday, July 1
Latest
  • ‘Binance Institutional’ has Just Launched for VIP And Institutional Players
  • BNB Chain Deep Dives into Blockchain Education with University of Zurich’s Summer School
  • Binance Labs and BNB Chain Open Applications for 5th Cohort of MVB Accelerator Program
  • Free-to-Mint Gaming: The Newest Game Changer Introduced by Minionverse | Presales are Now Live!
  • BNB Application Sidechains (BAS) Will Go Live with Meta Apes, Metaverse World and Project Galaxy
  • BNB Chain Community Releases Comprehensive Tech Roadmap Aimed at Advancing Decentralization, Cross-chain Experience & Developer Support
  • TCG World Announces $5,000,000 purchase of Virtual Estate in the Largest Open World Metaverse Platform
  • DeFiChain Partners with ACryptoS to launch a New Dual-Token Farm in BSC
  • BNB Chain To Offer Dedicated Support To Projects From The Terra ecosystem To Build on BNB Chain; Stader Labs Adds BNB Liquid Staking to Its Infrastructure
  • Win Prizes for Hockey Bets in a New 1xBit Tournament!
Twitter YouTube Reddit RSS
BSC🔶Times BSC🔶Times
Switch to PolygonTimes
  • Home
  • News
  • AMA’s
  • Tutorials
  • Token Prices
  • Get In Touch
    • About BSCTimes
      • Contact Us
      • Careers
    • Advertising
      • Press Kit
    • Publisher Center
      • Cart
      • Checkout
    • Disclaimers
      • Cookie Policy
      • Privacy Policy
      • CCPA
      • DMCA
      • Terms of Use
BSC🔶Times BSC🔶Times
Home»News»General Market News»Elon Musk, Tesla to Stop Accepting BTC, Markets Down
General Market News

Elon Musk, Tesla to Stop Accepting BTC, Markets Down

BSCTimesBy BSCTimesMay 15, 20213 Mins Read
elonmusk
Share
Reddit Twitter Email Facebook

Tesla to Stop Accepting Bitcoin?

A little over a month ago Elon Musk announced via Twitter, that his company Tesla would accept Bitcoin as a method of payment. This would undoubtedly mark a transgressive move in the industry that could also serve as increased value for long-term Bitcoin investment and a strong fundamental for all cryptocurrency investors.

The American businessman has flirted on more than one occasion with cryptocurrencies, not only Bitcoin but also with currencies such as Dogecoin, practically campaigning in favor of some thanks to the mass of followers he has, which has caused in some cases a rise in its price. However, the opposite has also happened at times, a single tweet saying something negative about a cryptocurrency causes a sharp decline in the price.

Such is the case on May 12th, when Elon Musk announced through a statement that Tesla has ceased accepting Bitcoin as payment for it’s products, due to Bitcoin’s alleged environmental impact.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

“We are concerned about the rapid increase in the use of fossil energy for bitcoin mining and transactions, especially coal,” he said in a statement posted on Twitter. “Cryptocurrencies are a good idea … but it can’t be at great cost to the environment,” he added in a way of backtracking a bit.

And what happened in the crypto market?

This announcement caused Bitcoin to plummet by 12%, which in turn took the rest of the cryptocurrency market down with it. Market analysts see the decision as an attempt by Tesla to allay the concerns of investors who are focused on climate change and sustainability. Still, Elon Musk has been seen to have generated speculation in the crypto market in recent days. There is a particularly skeptical point in all this and that is that Musk has been flirting with cryptocurrencies for weeks, especially with bitcoin and the ‘meme’ currency known as Dogecoin, causing its price to become very volatile. He likely plays with this at his whim, and sometimes at the limit of whats legally or morally acceptable.

Another controversy was the feat achieved with Dogecoin, a ‘meme’ currency created as a joke and that has been crawling through the markets for years with touches of speculation. On an episode of the well-known ‘SNL’ Saturday Night Live show, he said that the Doge coin is a joke, and got the coin to plummet a good percentage in a few minutes. These interventions have in part been very frowned upon by the defenders of cryptocurrencies who believe that it delegitimizes technology and puts its evolution at risk, as well as the money of many people who follow what these people say.

But perhaps a new debate begins where an argument can be formed that Musk, through these jokes and controversies, is intentionally trying to manipulate the market, knowing that his company had made a very important investment in one of the affected currencies. Business Insider reported back on April 26th, 2021, that Tesla had made a staggering $101 million dollars in profit from it’s own Bitcoin investments, after it cashed out $272 million in bitcoin in the first quarter of 2021. That report can be seen by going here.

Join @BSCTimes on Telegram
bitcoin BTC Dip DOGE Dogecoin Elon Musk tesla

Related Posts

News

A Lawsuit May Determine Who is Behind the Invention of Bitcoin

March 24, 2022By BSCTimes
Read More
News

$100 of BTC Stashed Away for 100 Years

March 16, 2022By BSCTimes
Read More
Press Releases

1xBit Presents the BIG 5 Betting Competition with Amazing Prices

February 3, 2022By BSCTimes
Read More

Comments are closed.

en English
af Afrikaanssq Shqipam አማርኛar العربيةhy Հայերենaz Azərbaycan dilibe Беларуская моваbn বাংলাbg Българскиca Catalàzh-CN 简体中文zh-TW 繁體中文hr Hrvatskics Čeština‎da Dansknl Nederlandsen Englisheo Esperantotl Filipinofi Suomifr Françaiska ქართულიde Deutschel Ελληνικάgu ગુજરાતીht Kreyol ayisyeniw עִבְרִיתhi हिन्दीhu Magyaris Íslenskaig Igboid Bahasa Indonesiaga Gaeligeit Italianoja 日本語kn ಕನ್ನಡko 한국어ku كوردی‎lo ພາສາລາວla Latinlv Latviešu valodalt Lietuvių kalbalb Lëtzebuergeschmk Македонски јазикms Bahasa Melayuml മലയാളംmr मराठीmn Монголmy ဗမာစာne नेपालीno Norsk bokmålps پښتوfa فارسیpl Polskipt Portuguêspa ਪੰਜਾਬੀro Românăru Русскийsm Samoansr Српски језикsd سنڌيsk Slovenčinasl Slovenščinaso Afsoomaalies Españolsu Basa Sundasw Kiswahilisv Svenskata தமிழ்te తెలుగుth ไทยtr Türkçeuk Українськаur اردوuz O‘zbekchavi Tiếng Việtcy Cymraegyi יידישyo Yorùbázu Zulu

Featured Articles

News

‘Binance Institutional’ has Just Launched for VIP And Institutional Players

June 28, 2022By BSCTimes
Press Releases

BNB Chain Deep Dives into Blockchain Education with University of Zurich’s Summer School

June 22, 2022By BSCTimes
Press Releases

Binance Labs and BNB Chain Open Applications for 5th Cohort of MVB Accelerator Program

June 22, 2022By BSCTimes
Press Releases

Free-to-Mint Gaming: The Newest Game Changer Introduced by Minionverse | Presales are Now Live!

June 20, 2022By BSCTimes
BSC🔶Times
  • Homepage
    • News
      • AMA’s
        • Tutorials
  • BSCT Twitter
    • BSCT YouTube
      • BSCT Telegram
        • BSCT Reddit
          • BSCT Google News
  • Advertising
    • Publisher Center
      • Checkout
        • Cart
  • Disclaimers
    • Privacy Policy
      • Cookie Policy
        • Terms of Use
  • About BSCTimes
    • Contact Us
      • Press Kit
Copyright © Crypto Times Network 2022. All Rights Reserved.
BSCTimes.com | PolygonTimes.com

Type above and press Enter to search. Press Esc to cancel.