Bitcoin Slumps as Elon Musk Pulls Support
Bitcoin (CRYPTO: BTC) and Tesla (NASDAQ: TSLA) both slumped in after-hours trading after a critical tweet by CEO Elon Musk. The popular cryptocurrency fell by more than 6%, while Tesla stock dipped a more modest 4%, as of this writing.
In a statement posted on Twitter (NYSE: TWTR), Musk said that Tesla was suspending vehicle purchases made using the popular cryptocurrency. He cited the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions," specifically calling out coal, "which has the worst emissions of any fuel." Musk touted cryptocurrency as being "a good idea on many levels and we believe it has a promising future," but expressed concerns about the "great cost to the environment."
Image source: Getty Images.
Source Fool.com
