Categories: News

Tesla is already abandoning Bitcoin, considered too polluting

After a very large investment in Bitcoin at the start of the year, Elon Musk and Tesla are already abandoning cryptocurrency.

In early February, Tesla hit the headlines by announcing a $ 1.5 billion investment in Bitcoin, a secure virtual currency. Elon Musk, the whimsical boss of the electric giant, had even announced that the brand’s cars could be purchased via this cryptocurrency.

But three months later, Tesla is already turning around. As usual, Elon Musk grabbed his Twitter account to announce the news: “Tesla has suspended car buying thanks to Bitcoin. We are worried about the consumption of fossil fuels linked to the extraction and transactions of Bitcoin, in particular coal, the most polluting of all energy sources. “

https://twitter.com/elonmusk/status/1392602041025843203?ref_src=twsrc%5Etfw

A not-so-polluting process, according to experts

Indeed, with the explosion of the price of cryptocurrency in recent months (a Bitcoin was exchanged for more than 40,000 € recently), more and more people and companies have embarked on “mining”, the process virtual currency extraction. This system requires powerful, power hungry computers. And, in recent months, the sector’s electricity needs have exploded. In countries where electricity comes mainly from fossil fuels (coal, natural gas, etc.), an increase in pollution is therefore mechanical.

Still, experts temper Elon Musk and Tesla’s fears. Asked by France Info, economist Philippe Herlin believes that Bitcoin uses 80% renewable energies,

and that it is even indirectly a boost to these sources of electricity, because it allows the use of electricity in off-peak periods (at night).

An important source of income for Tesla

Still, Tesla’s decision is final. To limit the damage on the markets, the manufacturer has however announced that it will not not sell your Bitcoin stock, keeping him “warm” until his energetic fears are over. A significant loss for the brand, which had already generated more than $ 100 million in profits since February thanks to its investment in the currency.

https://twitter.com/elonmusk/status/1392947696470659072?ref_src=twsrc%5Etfw

In the meantime, Elon Musk has announced that he is working with other cryptocurrencies to find a cleaner solution, in particular with Dogecoin, a cryptocurrency originally launched as a joke but recently saw its price explode. Elon Musk also called for the creation of a carbon tax, which would inevitably be a significant advantage over competing manufacturers.

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