Elon Musk s Bitcoin turnaround pleases some Tesla investors
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Last Updated: May 15, 2021, 09:26 AM IST
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Synopsis
The Tesla boss tweets, which had helped drive some of the gains in bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company s customers would no longer be able to use bitcoin to buy its cars.
Reuters
Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process.
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LONDON/BOSTON: Elon Musk s decision to stop accepting bitcoin as payment over environmental concerns has been well-received by some of Tesla Inc s investors, offering a warning to corporate peers mulling a dabble with the cryptocurrency.