Elon Musk has recently announced that Tesla will no longer accept or trade using the cryptocurrency, Bitcoin ($BTC) because it is using coal as an energy resource to mine its coins which is not environmentally friendly. Musk explained that Tesla would not sell $BTC as well, and would look for alternatives to the coin until it uses a sustainable energy alternative.
Tesla and Clean Energy
It's a day of defeat for Tesla fans who are mining for Bitcoin and participates in the company's trading in the market which involves the use of mining for the coins from the internet. After more than 5 months of allowing customers to use the cryptocurrency as a payment option for Tesla, the clean energy company is dropping it amidst a continuing downward trend.
Tesla is all about clean energy and using sustainable options for every process that the company makes, including the use of its solar roofing for most of its factories to alleviate the use of traditional resources. Initially, Musk was trending for his comment against cryptocurrency which he regarded as something that is "not a great climate thing."
Tesla and Bitcoin
In a recent statement via a tweet by Tesla CEO Elon Musk (@elonmusk), Musk explains that the company will no longer accept payments of the top-grossing cryptocurrency in the world's market. This is because of the recent discoveries that $BTC is using coal as a source of energy and that it uses a great volume of fossil fuel.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021
Tesla would also suspend the company's market trading of the cryptocurrency because mining for the coins as well, uses energy greatly, leading to a higher demand for fossil fuels and coal energy. However, Tesla is looking for an alternative that does not use that much traditional energy, Earth's natural resources, and is sustainable in its way.
Tesla Cryptocurrency: What Would Be the Alternative?
While there are no ideas or hints given by the Tesla CEO for the next alternative for cryptocurrency to be accepted as payment or traded by the company, they are already looking for an alternative and studying several names in the market. The cryptocurrency world is full of diverse coins that have different origins and advocacies that it upholds, meaning that it is possible for a clean energy cryptocurrency.
Also, there is a listing of TeslaCoin from Coin Market Cap's database, but there were no announcements from the company that it is launching its cryptocurrency for trade and sale in the market. This "Tesla Coin" may either be created by fans or those just wanting to use the name to rank well in the market. But this may be a great alternative for Tesla if ever they want to utilize a coin that uses clean energy.
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Written by Isaiah Alonzo