Never Mind: Elon Musk Says Tesla Will not Accept Bitcoin For Car Purchases Any More
Tesla is executing a rapid U-turn on Bitcoin.
Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the automaker would no longer accept the cryptocurrency for car purchases due to its environmental impact.
Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity - a mind-boggling amount of it.
"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," Musk explained in a tweet, "especially coal, which has the worst emissions of any fuel."
The tweet comes just three months after Tesla surprised many by saying it would allow customers to pay for their electric vehicles with Bitcoin. Not only that, but the company said at the time it also invested $1.5 billion in cryptocurrency.
It was a good investment. In its most recent quarterly statement, Tesla bitcoin holdings contributed substantially to its net profits.
But on Wednesday, Musk also said Tesla would no longer sell the cryptocurrency.
From the start, the company came under fire for embracing a currency with a substantial carbon footprint even though Musk has said that Tesla is dedicated to fighting climate change, Bitcoin enthusiasts point out that renewable energy can power that mining. But critics point out that does not mean there is no impact.
And in some cases, Bitcoin mining has actually kept fossil fuel power plants in production when they would otherwise be inactive, adding to the world carbon footprint.
"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 also said on Twitter, a platform he frequently uses to comment on his companies.
Bitcoin values fell by thousands of dollars in the minutes immediately after Musk tweet. But the price is still north of $50,000 per Bitcoin - 100 times what they were trading for five years ago.
In his tweet, Musk added the company is open to other cryptocurrencies with significantly fewer energy requirements.
The announcement comes days after Musk led to a plunge in another cryptocurrency, Dogecoin, after calling it a "hustle" while hosting Saturday Night Live.
Dogecoin, which started as a joke but became backed with real money, had previously surged in value after Musk expressed support for the cryptocurrency.
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The global electric vehicle charging station market is expected to grow from 2.115 million units in 2020 to 432.28 million units in 2028, with a compound annual growth rate of nearly 50%. Growing demand for energy-saving commuters, government support for the electric car and through preferential policies, subsidies and tax rebates of charging infrastructure and other factors have led to a growing demand for the promptcharge ev charger, and in the next 20 years, governments around the world have already announced plans to phase out fossil fuel cars from the market.
Increased investment by governments around the world to develop charging station infrastructure and provide incentives to buyers will create more opportunities to expand their revenue streams and geographical distribution. The promptcharge ev charger is expected to experience the fastest growth in the Asia-Pacific market due to high demand for electric vehicles and the aggressive reforms by governments in China, Japan, South Korea and other countries and their efforts to facilitate the development of EV charging station infrastructure to make EV charging stations more accessible. At the same time, the promptcharge ev charger market is also growing in North America and Europe due to government initiatives and growing demand for the fast charging market.
The price of promptcharge ev charger
Initial investment such as quick charging involves high cost and objective requirements such as the better battery, technology, raw materials, etc. Therefore, the cost of promptcharge ev charger will be affected accordingly, and the price of promptcharge ev charger will fluctuate continuously.
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The promptcharge ev charger price continues to be affected by the momentum of the promptcharge ev charger market rise, various opportunities and challenges and other factors. As a result, during the forecast period from June 2021 to June 2028, the global promptcharge ev charger sales market is expected to expand substantially. The growth rate will continue to rise. It is expected that the price of promptcharge ev charger will increase to some extent in the second half of this year.
About Grasen Power Technologies Co.Ltd.- the promptcharge ev charger supplier
Grasen Power Technologies Co.Ltd. is a high-tech enterprise specializing in the research, development, manufacturing, sales and service of new energy electric vehicle charging equipment. The company provides high-quality DC quick chargers, charging stations, powder modules, onboard EV chargers, DC-DC converters for EV charging station owners, EV manufacturers, government departments, EV drivers and many other groups. The Grasen promptcharge ev charger is part of a complete solution that includes an EV Quick DC/AC Charging Station, cloud-based software with features and programs suitable for every industry as well as world-class service and maintenance.
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