Tesla Inc CEO Elon Musk tweeted that in the battle between paper money and cryptocurrencies, he supports cryptocurrency
“The real battle is between paper money and cryptocurrency. In general, I support the latter, ”he wrote in response to a user who asked his opinion about people who are angry with him about cryptocurrency.
Earlier, Musk repeatedly compared bitcoin to paper money and often wrote on Twitter about cryptocurrencies, which affected the position of bitcoins. So in February, Bitcoin rose sharply after Tesla announced the purchase of cryptocurrency for $ 1.5 billion and plans to start accepting it as a form of payment for electric vehicles.
However, Bitcoin plummeted in May after Musk announced Tesla’s refusal to accept Bitcoin for car purchases, citing environmental concerns that mining was causing. Most of the bitcoin is produced in China and uses cheap, climate-damaging coal in the process, Musk said. He added that Tesla could reconsider the decision if the situation changes.
…and also “I have heard many [bitcoin] detractors saying ‘no one wants you because what other country would ever want us?’”
He stressed that the positive potential of bitcoin remains unproven, but the negative aspects are “quite real and present.”
Musk wrote a few days ago that he has not sold any of his Dogecoin assets and has no plans to do so. He added that there’s enough skepticism surrounding it for him even before you read anything further on its exchange rates or value in general. A small part about some critics is also reflected by this: they suggest we should take Bitcoin more seriously than Weibo because China does get hacked quite often. However — all things considered though – If I Were You was very well received at launch with over 1.6 million views! Even if these people will be critical towards your subsequent statements since many don’t understand cryptocurrency then let’s remember how much attention their posts got back in March 2010 when US tech giant Google released an IPO offering.
Until now, Musk has been one of the world’s most famous proponents of cryptocurrencies. His comments on Twitter about the little-known digital currency dogecoin have made it the fourth largest cryptocurrency in the world. And this despite the fact that dogecoin was conceived as a joke on social networks.
Experts say bitcoins do harm the environment as they are created by miners who use powerful computers.
Mining is a very energy intensive process that often relies on electricity generated from fossil fuels, especially coal, which is very harmful to the environment. In addition, according to the latest data, approximately 75% of this cryptocurrency is produced in China, where the volume of harmful emissions into the atmosphere is extremely high. Bitcoin mining farms produce the same amount of carbon dioxide as one of the ten largest cities in China, according to research.
(READ: It’s time to scrap bitcoin and get ‘carbon-neutral’ instead.)
1 nd World Bank projects worldwide economic losses due more than 40 billion dollars worth 2 o f human lives lost per year under current practices 3. As reported today at 14th Sustainability International Conference 2017, we believe many benefits could be realized with improved governance processes.. We can start building global communities using peer production technologies like distributed ledger technology for trade finance…