Elon Musk sends Bitcoin Tumbling 17%: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is Elon Musk sends Bitcoin Tumbling 17%.

Elon Musk sends Bitcoin Tumbling 17%

Electric Car-maker company Tesla’s boss Elon Musk said it would no longer accept Bitcoin as payment for its electric cars. He is doubling down on his sudden rejection of the crypto-currency as a means of payment over environmental concerns. 

Musk who is one of the most earnest backers tweeted a graph on Bitcoin’s power consumption and said Bitcoin’s making process came at greater cost to the environment. After his tweet Bitcoin sank 17% and lowered to its March levels, other cryptocurrencies also fell down and the biggest US crypto-currency exchange was down 2%. Some of Tesla’s investors and environmental advocates have been increasingly critical about the way Bitcoin is created or mined by high-powered computers compete to solve complex mathematical puzzles in an energy-intensive process that often relies on fossil fuels particularly coal. Musk has concern over the usage of Coal which has the worst emissions of any fuel. 

In February 2021, Tesla revealed that it had bought 1.5 billion dollars worth of Bitcoin which gave a quick booster to the crypto market. Some welcomed Elon Musk’s U-turn on Bitcoin payment.  

Tesla: An American electric vehicle and clean energy company. It started its operation on 8 January 2021 in Bangalore in Karnataka, India.

HQ: California, USA

Founded: 1 July 2003

CEO: Elon Musk