Mark Cuban Views On Elon Musk's Decision To Halt Bitcoin Payments.
2021-05-13 | Eddy Morgan
Billionaire investor Mark Cuban
won't be following in Tesla CEO Elon Musk’s footsteps after he withdraws support for Bitcoin [
BTC] as means of payment.
Within an official
tweet to Musk earlier on Wednesday, the Dallas Mavericks owner remarked that the Mavs will
still accept Bitcoin, Ethereum [ETH], and Dogecoin [DOGE] as payment means for tickets and merchandise items.
“We know that replacing gold as a store
useful will help the environment,” Cuban opined, explained: “Shrinking big bank and coin usage will benefit society
and therefore the environment.”
On Wednesday, Musk released
a press release announcing that Tesla will
not accept Bitcoin payments on account of the carbon footprint
related to BTC mining. Musk’s announcement likely triggered
a big market correction, with Bitcoin dipping below $50k
and therefore the entire crypto
market capitalization shedding over 10%.
The Tesla CEO has also doubled down on his Bitcoin mining energy concerns with a follow-up
tweet on Thursday morning alluding to energy usage trends, that Musk explained as “insane.”
Bitcoin mining energy consumption continues to be
a topic of debate
also as
a well-liked narrative for BTC critics who often espouse the “ocean boiling narrative.” However, several Bitcoin backers dispute these arguments stating that miners are buyers of
last resort for renewable energy producers.
Musk abandoning Bitcoin payments for Tesla also coincides with the form’s carbon credit aspirations.
Consistent with a
report by Reuters earlier on Wednesday, the electronic vehicle manufacturing giant is among
one among eight firms with pending apps at the U.S. Environmental Protection Agency.
Earlier in April, U.S. President Joe Biden
set a 2030 net-zero emission goal likely making the multi-billion-dollar United States carbon credit market all the more enticing for firms like Tesla. The worldwide carbon credit market reportedly grew 20% earlier in last year
to succeed in $272 Bln,
consistent with data from financial analysis firm Refinitive.
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