Updated: May 14, 2021 10:58:50 am
Bitcoin value plunged after Tesla CEO Elon Musk on Wednesday said that his electric-car company will discontinue accepting the cryptocurrency as a form of payment due to environmental concerns.
Taking to Twitter, Musk cited concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signalling that Tesla might accept other cryptocurrencies if they are not so energy-intensive. He also said the company won’t be selling any of the Bitcoin it holds.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
According to Bloomberg, the largest cryptocurrency dropped as much as 15% to just above $46,000, in the immediate aftermath of the Tesla CEO’s tweet.
As soon as the news broke on the internet, netizens took to micro-blogging site Twitter, sharing memes and jokes. Many also prompted debates and speculations on which other cryptocurrencies might be impacted by the billionaire’s tweet.
As #Bitcoin, Dogecoin and Tesla continue to dominate social media trends across the blog, take a look at some of the reactions here:
— vivek🥪 (@VivekLFC14) May 12, 2021
— Much Doge Currency (@Stonk32428782) May 12, 2021
— DOGEMOTHER💎 (@dogemot1her) May 12, 2021
— Siddesh Patil (@_MrHulk) May 13, 2021
— Kunal Bhatia (@the_kunal21) May 13, 2021
— Gig (@ggmesh) May 13, 2021
— Doge Coins 📈🚀 (@Dogekoinz) May 13, 2021
— ً (@E404ButFound) May 13, 2021
— Tesla Owners of the East Bay (@TeslaOwnersEBay) May 13, 2021
— IM F (@pocketmoney67) May 13, 2021
India: “We’re banning #cryptocurrency”
Vitalik: “Id like to donate $1bn of #SHIB to your COVID Relief Fund”
— Steven Darrah (@FUSteev) May 12, 2021
Musk’s company back in February announced that it had purchased $1.5 billion in Bitcoin and planned to accept it as payment.
That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and investment.
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