Reactions As Bitcoin Plummets Because Tesla Halts BTC Payment
An already down day for bitcoin (BTC, -12.33%) turned into a disappointing Wednesday evening with the leading cryptocurrency dropping to its lowest point in almost three weeks.
This comes after Tesla CEO Elon Musk said the electric-car company will discontinue accepting bitcoin as a form of payment due to environmental concerns.
In a tweet on Wednesday, Musk said:
“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
The electric car maker will not sell Bitcoin, but intends to use the digital currency for transactions as soon as “mining transitions to more sustainable energy.”
Bitcoin, the world’s biggest digital currency by market capitalisation, fell nearly 8 percent after the tweet according to data from cryptocurrency exchange Coinbase.
At around 01:00 UTC on Thursday evening, bitcoin’s price fell from $54,800 to a low of $46,294, according to CoinDesk 20 data. Prices have since rebounded slightly and are currently changing hands for around $48,500.
Hourly sell volume has also shot up to its highest point in over two days to levels not seen since May 10. Below are some reactions:
“the good thing about #bitcoin and other crypto currencies is the fact that no one has control over the market”
Elon musk: pic.twitter.com/DGj0juLPwZ
— Bvg Shôw (@gombizzle) May 13, 2021
“The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having #Bitcoin is a net waste.”
– Satoshi Nakamoto
— Samson Mow (@Excellion) May 13, 2021
Every #Bitcoin user after @elonmusk tweet😭 pic.twitter.com/yVsLQopEAw
— Kunal Bhatia (@the_kunal21) May 13, 2021
#bitcoin doesn’t use coal
— Peter McCoalPowered (@PeterMcCormack) May 13, 2021
Those who sold #Bitcoin at the peak:) pic.twitter.com/CGSNz5G3Im
— Hritik (@bihari_baniya) May 13, 2021
If you can’t handle this 20% dump, then you don’t deserve when #Bitcoin pumps 200% soon!
There is nothing Elon musk can do to make me sell my long-term holdings!!!
— The Moon 🌙 (@TheMoonCarl) May 13, 2021