In a surprise decision, Elon Musk, who removed the Bitcoin option on tesla vehicle sales, emphasized environmental sensitivity, but behind the scenes lies some image.
Last night in the cryptocurrency market began perhaps one of the most nightmare days of the last period. Elon Musk’s ban on paying in Bitcoin for reasons that increase carbon emissions in Tesla vehicle purchases has cyclically turned markets upside down.
Elon Musk said in a statement that bitcoin mining increases carbon emissions and they cannot accept environmental damage. While Musk may seem like an environmental friend, the background to the event is very different.
In the U.S., certain states have tough laws to keep automotive manufacturers’ carbon emissions to a minimum. Producers who fail to meet the emissions limit set by the law must obtain Carbon Emissions credits from producers who reach it.
Tesla is handing out plenty of credit to many companies for keeping emissions at the lowest limit. In 2020, Tesla lost money on vehicle sales, but with the returns of the loans it distributed, it compensated for it and made a profit. I mean, it’s pretty important.
Sources say Musk backed down because including Bitcoin, which already has a criminal record on carbon emissions, in payment methods would damage Tesla’s image. Some sources believe such a decision has been made to avoid being on the radar of carbon emissions laws, which will tighten further in the coming period. So either way, the company is not wanted to be in a difficult situation.
This decision will probably go on for a long time because mining projects such as Bitcoin or Ethereum are unlikely to reduce carbon emissions. Bitcoin, which is based on the limit of 60,000 with a message from Elon Musk, has thus hit rock bottom with another message.