Search

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. 

Continue reading original article...

Tags

ChiaTeslaBitcoinMuskAlex de Vries
You may also like