Investors Were Taught About Bitcoin’s Carbon Footprint by Elon Musk

June 30, 2021

Bitcoin's Carbon Footprint

Investors are concerned about Bitcoin’s environmental impact—and it’s partially down to Twitter loudmouth and tech billionaire Elon Musk.


Musk had first assisted in the coin’s ascension to unprecedented heights. After Tesla announced that it had purchased $1.5 billion in Bitcoin in February, Bitcoin surged 8.5 percent to $44,790, and continued to rise until April, when it hit an all-time high of $62,000.


Then Musk announced that his vehicle company would no longer accept Bitcoin due to environmental concerns. Powerful computers, often fueled by coal, crunch complex figures required to conduct Bitcoin transactions, using an entire country’s worth of electricity.


Musk’s remarks, which came before China’s much tougher crackdown on Bitcoin, sparked a massive sell-off, and the price of Bitcoin was quickly halved.


Thirty percent of Bitcoin investors contacted by stated they liquidated their holdings last month while the market was in free fall. A fifth claimed they sold because of Musk’s criticism of Bitcoin mining, which uses a lot of gas.


Since then, Bitcoin has struggled to reach new highs. Of course, since cracking down on crypto trading and Bitcoin mining, China has dominated the news.


However, 58 percent of respondents felt that Tesla CEO Elon Musk “had too much control.” 52 percent of respondents polled said they want their governments to prevent persons like Musk from manipulating markets.

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