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Elon Musk's bitcoin bashing continues, craters cryptos

Added 05-13-21 01:04:02pm EST - “Elon Musk turned his back on bitcoin sending a chill through the cryptocurrency world.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Elon Musk's bitcoin bashing continues, craters cryptos”. Below is an excerpt from the article.

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Tesla CEO Elon Musk continued to bash Bitcoin on Thursday, after announcing hours earlier that the electric vehicle manufacturer would stop accepting the world's largest cryptocurrency as payment for its cars.

His move sent a chill through the world of cryptocurrencies, sending Bitcoin, Ethereum and Dogecoin all sharply lower. 

Musk is now taking issue with the process of bitcoin mining, or generating digital currency by using powerful computers to solve ultra-complex mathematical equations, which consumes a huge amount of electricity. Musk, a longtime public proponent of cryptocurrencies, said the current mining process is too reliant on fossil fuels.

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