Thursday, 13 May 2021 08:19 PM MYT
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk tweeted yesterday. The announcements turbo-charged the crypto market, driving the price of bitcoin up by about 20 per cent. Yet they highlighted an apparent contradiction with billionaire Musk’s reputation as a champion of low-carbon technology.
Tesla would retain its bitcoin holdings with the plan to use the cryptocurrency as soon as mining transitions to more sustainable energy sources, Musk said.“We were surprised it took Musk so long to recognize the detrimental impact of Bitcoin on the environment but are happy to see the reversal of Tesla’s position,” said Ben Dear, CEO of Osmosis Investment Management, which holds Tesla stock in several portfolios.
Mark Humphery-Jenner, an associate professor of finance at the University of New South Wales, said he was more concerned about Tesla management’s “very hasty and precipitous” decision-making.
Didnt he invest 1.5b in bitcoin just months ago?
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: staronline - 🏆 4. / 75 Read more »
Source: staronline - 🏆 4. / 75 Read more »