After Tesla Lost Interest in BTC, Its Price Fell

By | May 13, 2021

Bitcoin collapsed after the founder of Tesla announced on the social network Twitter that the manufacturer of electric vehicles had stopped accepting payments with this cryptocurrency due to its environmental impact.

It has dropped by 8% and its value is around 41 760 euros. Yesterday the cryptocurrency fell by 4% after Tesla’s statement. All the cryptocurrency news is echoing this topic and the hit in Bitcoin price.

Breakdown of Tesla and BTC led to cryptos losing price

Elon Musk after being interested in cryptocurrencies earlier, yesterday, decided to stop his alliance with Bitcoin for the sale of cars. According to him, his company is concerned that the growing use of petroleum fuels, coal, and natural gas is increasing, especially the coal that is used to generate the energy that the creation of Bitcoins requires. For Tesla, cryptocurrencies are still the future, but it does not share the idea that they have to affect the environment for their development. Musk also posted on Twitter that in the future they would collaborate with Bitcoin again when the mining process is based on renewable energies and not on fossil fuels.

With the news of the breakdown of the collaboration between Tesla and Bitcoin, the second most used cryptocurrency (Ethereum) has decreased by 6%, reaching the value of 3 174 euros. Since the collaboration between Tesla and Bitcoin was announced, this cryptocurrency reached historic prices.

Read more: Ethereum price and advantages over BTC

Read more: Follow the 2021 Bitcoin price prediction every week

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