Musk Says Tesla Will Accept Bitcoin Again
Elon Musk said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners which comes after his words help create panic sell just a few short weeks ago. He broke the news as he normally does on twitter.
Musk was reacting to comments from Magda Wierzycka, CEO of South African asset manager Sygnia, who said that Musk’s tweets on bitcoin prices were “market manipulation” and should have triggered an investigation by the U.S. Securities and Exchange Commission. I agree that Elon has been using his influence to his advantage and I'd be interested to see if he bought more on the dip he created.
Tesla revealed in an SEC filing in February that it purchased $1.5 billion worth of bitcoin and said it would begin accepting bitcoin as a payment method for its products. Only to later sell some at the peak and help trigger a liquidation that scared many based on the environmental concerns of mining...
“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 said in May.
Musk full well knew the impact of miners before he made his purchase, but I think he was going to loose his tax credits so he sold. Then major news outlet piled on the FUD and over leveraged traders got smoked. I for one was buying the dip so let's see how that plays out.
Posted Using LeoFinance Beta
