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How Musk’s latest tweet sends crypto crashing

Elon Musk said Tesla is concerned about the rapidly increasing use of fossil fuel for Bitcoin mining and transactions

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Tesla founder and CEO, Elon Musk revealed Wednesday in tweet that his company has suspended Bitcoin as a payment option due to the environmental hazards that accompany bitcoin mining.

“We’re concerned about the rapidly increasing use of fossil fuel for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”, he via a tweet. 

The statement send ripples across crypto ecosysytem with far reaching implications. This is specially significant given that Musk has been on the forefront of crypto advocacy thus year, and significantly contributing to the increased value of Bitcoin & DOGECOIN.

But besides the public backlash from many of Elon Musk’s followers who believe Tesla’s excuse for halting Bitcoin as a payment option for its cars is lame, the tweet caused a dip in the value of Bitcoin and other altcoins, including DOGE. 
 
More importantly, there are concerns that Tesla’s move may reflect poorly on other companies who have started accepting Bitcoin as a payment option, especially considering the “environmental excuse”.

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