Late on Wednesday, Elon Musk went back on his previous decision to let buyers pay for [hotlink]Tesla[/hotlink] cars using Bitcoin. His reason: mining the digital currency is causing a heavy toll on the environment.
The Tesla CEO's reversal, made on Twitter, led to a steep fall in the value of Bitcoin, with over $365 billion in market value wiped off BTC at one point on Thursday.
Cue outrage from Bitcoin bulls. “All of a sudden, he’s not so keen due to environmental concerns. But why now?" fumed Nigel Green, CEO of the financial advisor, deVere Group, a noted cryptocurrency booster. "Those issues surrounding the environmental impact have not come up in the last few months."
Be that as it may, but Musk's warning has a point—one that been raised repeatedly by environmentalists and ESG investing hawks since Tesla in March said it would accept crypto as payment.
Even Wall Street agrees there's ample evidence point to Bitcoin mining as a bad deal for the environment. In a recent investor note, BofA Securities set out to calculate the costs on the planet.
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And finally, the BoA report said that no other human activity has a higher carbon footprint—that is, per dollar invested. It's equivalent to powering 632,000 homes with electricity.
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