Musk Says Bitcoin Energy Use Is ‘Insane’ As Value Drops

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Elon Musk, one of bitcoin’s most ardent supporters, took to his Twitter handle to publicly criticize the ‘insane’ amount of energy consumed to produce bitcoin while addressing the environmental concerns that go with it.

Explaining the extent of bitcoin’s consumption on Twitter Musk said: “Energy usage trend over past few months is insane.”

Musk also pointed out that while he “strongly” believes in cryptocurrencies, he is not in favor of using fossil fuels, particularly coal.

His latest statement follows his update on Wednesday in which he told everyone that Tesla will reject bitcoin as a payment method for its electric cars because of its environmental impact.

The update also revealed that the company will not sell its bitcoin as it intends to use it once the mining industry switches to more sustainable energy.

While Tesla revealed in February that it had bought $1.5 billion in bitcoin, Laith Khalaf, financial analyst at fund platform AJ Bell, believes the two Tesla and bitcoin have always been strange.

He noted: “Tesla and Bitcoin have always been strange bedfellows, given the electric car maker’s ecological credentials and the colossal amount of energy consumed by the cryptocurrency.”

Ben Dear, CEO of Osmosis Investment Management, welcomed Musk’s about-face on bitcoin payments: “We were surprised it took Musk so long to recognize the detrimental impact of Bitcoin on the environment but are happy to see the reversal of Tesla’s position. The reversal will pressure companies moving forward to think twice about the consequences before accepting it as a form of payment.”

For more information, read the original story in Reuters.

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