FILE PHOTO: Representations of virtual currency Bitcoin are seen in front of Tesla logo in this illustration taken, February 9, 2021. REUTERS/Dado Ruvic/File Photo/File Photo
"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," Musk tweeted on Wednesday. The announcements turbo-charged the crypto market, driving the price of bitcoin up by about 20%. Yet they highlighted an apparent contradiction with billionaire Musk's reputation as a champion of low-carbon technology.
He said the reversal will"put pressure companies moving forward to think twice about the consequences before accepting it as a form of payment," adding the volatility of bitcoin makes it commercially nonviable for large scale corporate adoption.Meltem Demirors, chief strategy officer at digital asset manager CoinShares Group, said Tesla was unlikely to have sold many, if any, cars using bitcoin and the back flip generated positive publicity while simplifying payment processes.
Musk did not say in his Twitter comments whether any vehicles had been purchased with bitcoin and Tesla did not immediately respond to a request for comment."We are also looking at other cryptocurrencies that use
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