ELON MUSK'S BITCOIN CONCERNS SINK CRYPTO-LINKED STOCKS

  • 13/05/2021

There was a sharp decline in Bitcoin after Elon Musk said that he was worried over the “rapidly increasing use of fossil fuels for bitcoin mining and transactions,”. The value of Bitcoin plummeted by 15% to as low as $46,045 before gaining back.Tesla's share fell 1.8% in premarket having invested 1.5bn$ in Bitcoin earlier this year.  And Musk has also commented that he has high hopes for Bitcoin and has no plans to sell it. He said that it shall be used for transactions once the mining process shifts to a more sustainable source of energy .Tesla’s reveal about its investment in Bitcoin in February added legitimacy to the cryptocurrency and powered its rally this year.

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