- Title: Bitcoin 'will do just fine without Elon,' says expert
- Date: 13th May 2021
- Summary: WESTFIELD, NEW JERSEY, UNITED STATES (MAY 13, 2021) (REUTERS VIA ZOOM) (SOUNDBITE) (English) WEDBUSH SECURITIES MANAGING DIRECTOR, DANIEL IVES, SAYING: "Near-term, this has been a gut punch to bitcoin investors and the bulls, and you're seeing that and the reaction today, I think it would be short-lived relative to our broader view of where crypto goes. But Musk has been o
- Embargoed: 27th May 2021 20:15
- Keywords: Elon Musk Tesla bitcoin cryptocurrency digital energy environmental concerns
- Location: NEW YORK, NEW YORK, + SAN FRANCISCO, CALIFORNIA, + WESTFIELD, NEW JERSEY, UNITED STATES, HANAM, SOUTH KOREA, TORONTO, CANADA, INTERNET, UNKNOWN LOCATION
- City: NEW YORK, NEW YORK, + SAN FRANCISCO, CALIFORNIA, + WESTFIELD, NEW JERSEY, UNITED STATES, HANAM, SOUTH KOREA, TORONTO, CANADA, INTERNET, UNKNOWN LOCATION
- Country: USA
- Topics: Currencies/Foreign Exchange Markets,Economic Events,United States
- Reuters ID: LVA003ECSR687
- Aspect Ratio: 16:9
- Story Text: Tesla boss Elon Musk denounced the "insane" amount of energy used to produce bitcoin on Thursday (May 13), doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.
Bitcoin fell more than 10% after Musk, one of its most famous backers, tweeted his decision to suspend its use, less than two months after Tesla began accepting it as payment for its electric cars.
Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asian trade.
Tesla revealed in February it had bought $1.5 billion of bitcoin, the world's biggest digital currency, before announcing it would accept it as payment for its electric cars in March.
The company later said it had trimmed its position by 10% in the first quarter.
The announcements turbo-charged the crypto market, driving the price of bitcoin up by about 20%.
Yet they highlighted an apparent contradiction with billionaire Musk's reputation as a champion of low-carbon technology.
Musk said he backed that concern, especially the use of "coal, which has the worst emissions of any fuel."
Tesla would retain its bitcoin holdings with the plan to use the cryptocurrency as soon as mining transitions to more sustainable energy sources, Musk said.
(Production: Aleksandra Michalska) - Copyright Holder: FILE REUTERS (CAN SELL)
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