After Dropping Bitcoin Payments, Tesla Says It’s Open to Other Cryptocurrencies, Maybe DOGE?

Published May 13, 2021 | Updated May 13, 2021

In Brief
  • Tesla said that it will consider other digital currencies that use less than 1% of Bitcoin’s energy.
  • Tesla said that it will continue to hold the Bitcoins purchased from its balance sheet.

After Dropping Bitcoin Payments, Tesla Says It’s Open to Other Cryptocurrencies, Maybe DOGE?

  • Tesla said that it will consider other digital currencies that use less than 1% of Bitcoin’s energy.
  • Tesla said that it will continue to hold the Bitcoins purchased from its balance sheet.

Upon announcing its decision to drop Bitcoin payments citing environmental concerns, Elon Musk’s Tesla said that it is open to considering other cryptocurrencies that use less than 1% of the Bitcoin energy. The company specifically mentioned: ” We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy/transaction”.

Interestingly, the company’s decision comes just a day after Elon Musk conducted a Twitter poll asking his 54 million followers whether Tesla should consider Dogecoin (DOGE) payments.

Courtesy: Elon Musk Twitter

Earlier today, Elon Musk tweeted about Tesla’s decision to drop Bitcoin payments citing environmental concerns. In March 2020, the electric carmakers and automobile giant announced that it will start accepting Bitcoin payments. But in a very short time of just two months, the company has decided to reverse its decision. The image shared by Elon Musk notes:

“Tesla has suspended vehicle purchases using 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”.

However, Tesla will continue to hold the Bitcoin that it purchased in mid-February from the company’s balance sheet. It also notes that it intends to use Bitcoin transactions soon as mining operations move to more sustainable energy. Tesla has further added that Bitcoin is a great idea and thinks that it has a promising future.

Bitcoin (BTC) Price Crashes Under $50,000

In a massive price crash, Bitcoin (BTC) has dropped 13% today slipping below $50,000. This is for the second time in a month that BTC has dropped below its $50,000 crucial support also losing its trillion-dollar valuations along with it.

At press time, Bitcoin (BTC) is trading at $49,817 with a market cap of $930 billion. Just in a day’s time, the cryptocurrency has lost more than $150 billion of its valuations. Well, this price crash comes just after a major announcement coming from Elon Musk.

The broader crypto markets have corrected over 8% along with a massive price crash in the altcoin space.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Bhushan Akolkar 544 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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