According to the Mayor of Miami Francis Suarez, Elon Musk has highlighted a huge problem with Bitcoin. CEO of Tesla Inc. (NASDAQ: TSLA) has highlighted the fragility of Bitcoin price (CRYPTO: BTC) that reduces its utility as a financial asset.
problem with bitcoin stock BTC
There’s volatility in everything, there’s volatility in commodities, there’s volatility in dollars but not that kind of volatility.
Elon Musk the puppeteer
“When one person has the ability to make one tweet and spiral the price of a particular asset at that level — you know, 10%-20% as opposed to 1% or 2% or 3%.”
In mid-May, Musk tweeted that his electric car manufacturing company Tesla would stop accepting Bitcoin. The BTC bitcoin stock took a hit after the announcement.
The electric car maker noted that the cryptocurrency has a promising future, but it shouldn’t come at the expense of the environment. The company has pledged not to sell the bitcoins it owns and to resume selling for digital gold when mining becomes sustainable.
Tesla is also considering other cryptocurrencies that spend less than one percent of the energy of the bitcoin network used to process transactions.
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