Bitcoin owes much to Musk for its recent boom and soaring prices as the cryptocurrency enters the mainstream in no small part thanks to the Tesla CEO’s decision to buy $1.5 billion worth of bitcoin through the electric car company and begin accepting the currency as a valid method of payment.
This risky move was just the beginning of what would turn out to be a monthslong rollercoaster of dramatic events and market turmoil for Musk, Tesla, and Bitcoin.
“This pullback really started after Tesla made the decision to buy $1.5 billion of bitcoin,” New York-based investment research firm CFRA’s Garrett Nelson was quoted by MarketWatch at the time.
The reason Musk cited had nothing to do with the cryptocurrency’s notorious volatility, nor his investors’ cold feet, but instead focused on Bitcoin’s significant and growing negative environmental externalities.
“Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates was quoted by the New York Times back in April, a few short weeks before Musk’s about-turn, as part of a high-profile takedown of the crypto-asset.
As part of Musk’s newfound environmental priorities, he took part in putting together an entirely toothless Bitcoin Mining Council which has given itself the task of improving the cryptocurrency’s sustainability following a meeting between prominent North American Bitcoin miners and Musk.
Finally, just this week, Musk has thrown more weight with far greater incentive behind the imperative, announcing that Tesla will once again begin to accept Bitcoin payments once the cryptocurrency runs on a rough minimum of 50% clean energy.
Andreas Scheuer told German newspaper Neue Osnabruecker Zeitung there were some technical issues to resolve but he expects to reach a solution, adding the goal was to make sure consumers can access charging stations across brands with a single payment system, ideally via smartphones.
The Fed holds rates at near-zero, signaling higher rates in 2023, after the latest FOMC meeting.
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