Tesla buys Bitcoin worth $1.5 billion, plans to accept cryptocurrency as payment
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- Published: May 17, 2021 13:43
New Delhi: The advocates of Bitcoin are having a hard time throughout the world, reason being the tweets of Elon Musk. It started with the last week’s announcement by Elon Musk that Tesla will not accept Bitcoin as a mode of payment. The announcement triggered a 17% slide in the world’s most popular cryptocurrency and now Tesla CEO has taken it upon himself to counter the pro-Bitcoin arguments through environmental issues attached to Bitcoin mining.
Bitcoin traded below the price of $45,000 on Monday after a tweet by Tesla CEO Elon Musk, suggesting that Tesla may consider or have already sold their Bitcoin holdings.
Musk’s tweet was in reply to an unverified Twitter account called @CryptoWhale, which said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”.
Musk replied with one word – “indeed”, which does not specify whether Tesla has sold it s Bitcoin holdings or that he agrees with the statement that he is facing a lot of criticism.
— Elon Musk (@elonmusk) May 16, 2021
Last week, Musk announced that Tesla will no longer accept bitcoin as a mode of payment for his cars, citing long-brewing environmental concerns regarding the mining of cryptocurrencies.
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— Elon Musk (@elonmusk) May 16, 2021
Musk wants to go all-in on Dogecoin
Obnoxious threads like this make me want to go all in on Doge
— Elon Musk (@elonmusk) May 16, 2021
Musk’s reply to cryptocurrency ‘experts’
Hey cryptocurrency “experts”, ever heard of PayPal? It’s possible … maybe … that I know than you realize about how money works.
— Elon Musk (@elonmusk) May 16, 2021
Earlier this year in February, Tesla had bought $1.5 billion worth of bitcoins. In a filing with the United States’ Securities and Exchange Commission, the company state the reason of buying that it will provide “more flexibility to further diversify and maximize returns on cash.”