Elon Musk says Tesla won't take bitcoins for cars, due to environmental concerns

Dow Jones2021-05-13

MW Elon Musk says Tesla won't take bitcoins for cars, due to environmental concerns

By Pierre Briançon

Whether Tesla did sell any cars for bitcoins remains unclear and the company isn't saying

Bitcoin prices slumped 17% on Wednesday night, before recovering some of the losses, after Elon Musk tweeted that Tesla would suspend accepting the cryptocurrency as payment for its cars, due to environmental concerns.

Read:Tesla stock and bitcoin drop after Elon Musk says car sales with crypto will be halted due to energy usage of mining

The outlook. Whether Tesla did sell any cars for bitcoins remains unclear and the company isn't saying. Meanwhile, the episode shows yet again that "if one person can dramatically alter its spending power, the 'stable store of value' criteria of a currency is not met," as noted by UBS chief economist Paul Donovan.

-; 415-439-6400; AskNewswires@dowjones.com

$(END)$ Dow Jones Newswires

May 13, 2021 08:14 ET (12:14 GMT)

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Comments

JAMKKT
2021-05-13
JAMKKT
Buy
mcwood
2021-05-13
mcwood
[得意]
alan_01
2021-05-13
alan_01
Cardano, etherum better choice

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