Elon Musk Trashes Bitcoin. Now What?
$365 million in Bitcoin wiped away
Elon Musk giveth and Elon Musk taketh away.
On Wednesday the Tesla CEO tweeted that the company would suspend car purchases using Bitcoin.
Before the tweet, the entire value of the cryptocurrency market stood atop a $2.43 trillion market cap, and less than two hours later, it lost more than 10% of its total value. That’s too much power for one man to have.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk tweeted.
There is a silver lining here: Musk concluded his tweet fury stating, “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Altcoins 👀
So what are the implications of this unexpected report and what altcoins are best suited to work with Tesla in the future?
