Chia: the ‘green’ cryptocurrency bounces on Elon Musk’s Bitcoin U-turn 

Telegraph 17 May 2021 09:51

It was hailed as a victory for environmentalists. 

Last week, Elon Musk said his company Tesla would stop accepting vehicle purchases using Bitcoin due to climate change concerns. The dramatic reversal by the world’s second-richest man wiped $8,000 off the price of Bitcoin, which fell from close to $55,000 to $47,000 in just two hours. 

“It is better late than never,” says Alex de Vries, of Digiconomist, which analyses the carbon footprint of cryptocurrency. “Bitcoin mining is a dirty business, and if you are a company selling electric vehicles, it is weird to enable a currency with a substantial carbon footprint.”

That sentiment has been gaining traction in the corporate world. Ben Dear, chief executive of Osmosis Investment Management, believes Musk’s about-turn will “put pressure companies moving forward to think twice about the consequences before accepting it as a form of payment”.

“We were surprised it took Musk so long to recognise the detrimental impact of Bitcoin on the environment,” he added. 

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ChiaTeslaBitcoinMuskAlex de Vries
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