Tesla drops Bitcoin price and MicroStrategy buys in the fall
On Wednesday (12), the executive announced that Tesla will no longer sell its cars with the cryptocurrency.
The reason, according to a Musk publication, would be the “environmental impact” caused by BTC mining. However, Tesla’s CEO has not closed himself off to the cryptocurrency market.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
According to Musk, the decision to suspend sales with Bitcoin is based on the supposedly high consumption of energy generated on the network.
“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal” he reveals.
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021
The publication caused a hard correction in Bitcoin, with the retraction, BTC left the $50 thousand zone.
The fall of BTC impacted other large cryptocurrencies in market value, which also recorded double-digit declines.
However, Michael Saylor, the CEO of Microstrategy, did more than speak. MicroStrategy bought $15 million in Bitcoin after the sharp drop.
With the purchase, the company already totals 91,850 BTC purchased at an average price of approximately $24,403.
In this way, MicroStrategy reinforces its confidence in Bitcoin as a store of value.
However, Musk has not changed his mind about Bitcoin in general, as he revealed on a tweet that he has been working with the developers of Dogecoin (DOGE) to improve system transaction efficiency .