Elon Musk Causes Bitcoin to Tank, Citing Environmental Concerns

Elon+Musk+Causes+Bitcoin+to+Tank%2C+Citing+Environmental+Concerns

Andrew Petlev, News Reporter

In addition to the fortune it has brought many, Bitcoin is infamous for being a very risky purchase. Despite the clashing opinions of today’s entrepreneurs, a surprising amount of the middle-class choose to focus on the large amounts of money it could bring them, while ignoring the fact that this system is highly based on luck.

 

It may strike you as odd that the world’s most popular cryptocurrency has a somewhat mysterious origin. This explains some people’s hesitance to invest in the coin.

 

As you can imagine, it doesn’t much help when Bitcoin is frowned upon by tech’s most influential people.

 

Last week, Tesla CEO Elon Musk announced that (despite a previous statement, saying the opposite), he would not accept Bitcoin as a form of currency for his own services. For him, it was “environmental concerns” that locked the decision in place.

 

It takes an incredible amount of power to mine for Bitcoin, which takes a toll on Planet Earth, especially considering its 30 million users.

 

This event is the perfect demonstration of why Bitcoin is such an adventurous investment. The coin has tanked, causing a great amount of those 30 million users financial trouble.

 

Musk is reportedly exploring competing options.