(INTELLIHUB) — Tesla CEO Elon Musk is concerned about the amount of fossil fuel energy it takes to mine Bitcoin and has ordered the company to stop accepting the mainline cryptocurrency.
This comes after Tesla received pushback from environmentalists who want to see a greener method to match the company’s belief system and better use of energy.
Musk published a poll on his Twitter account, which asked consumers if they would like Tesla to accept Dogecoin. Dogecoin started as a joke in 2013 and is listed as a meme coin but took off in April of 2021, marking a stake in the cryptocurrency market.
Tesla issued the following statement:
Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing fossil fuels used for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at a great cost to the environment.
Tesla will not be selling any Bitcoin, and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We also are looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Additionally, Musk posted a poll to Twitter, asking: “Do you want Tesla to accept Doge?”
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
The results show that 78.2% of those polled want the company to accept Dogecoin.
Following Musk’s announcement, Bitcoin dove from $57,831.40 down to its current rate as of the time of this article’s publishing of $47,024.
If Tesla makes the switch to Doge, experts say that Dogecoin could explode, creating a whole new market for crypto. With that being said, it is currently not known exactly what Musk will choose to do, but the writing is on the wall.
The Gemini app can be used to buy and sell Dogecoin and is highly recommended. Here is an invite link to Gemini to get started. Start investing in Dogecoin now.
Featured image credit: FXTM Thailand/Flickr/CC Attribution 2.0
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