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Tesla stops accepting Bitcoin. The price drops by $ 3,000

Tesla CEO Elon Musk said the electric vehicle company would no longer accept BTC payments for its products.

Tesla withdraws from accepting BTC as a payment method

In a Wednesday tweet (May 12, 2021), Elon Musk announced that Tesla has suspended bitcoin payments for its electric vehicles. The CEO cited Bitcoin’s enormous electricity consumption as a reason.

Tesla first announced that it had purchased $ 1.5 billion worth of bitcoin in February 2021. Soon after, the company suggested that it would start accepting BTC as payment for its products. Finally, in March, the car maker revealed that US customers can now pay for cars with the original cryptocurrency.

Tesla accepting bitcoin has faced harsh criticism from environmentalists. They found that the move ran counter to Tesla’s clear stance on managing global emissions. Meanwhile, there is no clear consensus on Bitcoin’s energy use, although some critics like to advocate the “ocean boiling” narrative.

Bitcoin’s price is falling. Is it time for DOGE?

Following Musk’s tweet, Bitcoin’s price dropped immediately, losing $ 3,000 in less than 15 minutes. Bitcoin was traded at almost 55,000. dollars and fell below 52 thousand. dollars in minutes. In the message, we can read:

Tesla will not sell any Bitcoin and we intend to use it for transactions as soon as mining moves to a more sustainable energy. We also look at other cryptocurrencies that use <1% of Bitcoin's transactions / energy.

Interestingly, Elon Musk just yesterday conducted a poll on Twitter, in which he asked his followers if they would like his company to accept DOGE. 78% of the 3.9 million respondents supported this idea.
However, looking at Musk’s reasoning, Dogecoin could suffer the same fate as Bitcoin. DOGE also uses the same proof-of-work (POW) consensus.

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