Wednesday, June 16, 2021
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Tesla Bitcoins On Hold Quoting Environmental Harm; Shares Drop

Its hardly been two months since Tesla started to accept payments in Bitcoins for their products. Elon Musk has been promoting Bitcoins and supported many companies for the same. However, Tesla recently announced that they are putting on brakes on their Bitcoin plan.

Elon Musk Puts A Hold On Bitcoin Over Environmental Harm

Elon Musk took to Twitter to announce the news. He said that they are looking at other cryptocurrency methods that would use less energy in mining and move towards sustainable energy.

He clarified that Tesla will not sell any bitcoin and intends to use it for transactions when the mining procedure is more environment friendly.  Soon after the tweet, the price of Bitcoin took a dive and was being traded at over $50,000.

ALSO READ: Elon Musk’s SpaceX Now Accepts Dogecoin For Satellite DOGE-1

At the same time, Tesla shares were also down by more than 4 percent. Tesla started to accept Bitcoins in late March. They had purchased bitcoins worth $1.5 billion earlier this year. They sold some of that bitcoin in the first quarter of 2021.

In a statement, Musk said that Cryptocurrency is a good idea at multiple levels. And they believed in a promising future for Bitcoins. However, this should not come at a cost to the environment.

Elon Musk Announced Dogecoin Funded Satellite Launch to Moon

As per the latest reports, Elon Musk’s company Space X planned to launch an upcoming satellite named DOGE-1 to the moon. The DOGE-1 will be launched at the lunar spatial intelligence which would use cameras and sensors.

The satellite is being developed by the Geometric Energy Corporation and will be flown by the Falcon 9 rocket in the first quarter of next year.

ALSO READ: Elon Musk SpaceX To Send Two Astronauts To Moon After Over 50 Years; Wins…

Dogecoin is the fourth largest cryptocurrency by market value and was promoted by Elon Musk during the SNL hosting. He even went on to call himself Dogefather.