Why The Sudden Bitcoin REVERSAL By Musk And Tesla?

Elon Musk has performed a sudden U-turn on bitcoin over concerns about its energy usage, and says his electric car firm Tesla will no longer accept the cryptocurrency as payment – but will his decision have an impact, and could Tesla turn to an alternative currency?

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he added.

Wherever Musk’s thoughts on cryptocurrencies go next, it is clear that the billionaire’s tweets can have a substantial impact on the sector. His anti-bitcoin stance caused an immediate 15 per cent drop, but prices are rising again.

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