According to Elon Musk's new Bitcoin posture, the cryptom market experiences a massive success

Last week, an estimated $ 300 billion was wiped off the entire cryptocurrency market before they easily recovered after Elon Musk, CEO from Tesla, announced that the manufacturer of electric car Bitcoin would no longer accept due to its high environmental costs. As a result, the price of Bitcoin briefly fell under $ 50,000 at around $ 48,500 before it rose again.

Bitcoin was introduced in 2009 and, after market capitalization, is the world's largest cryptocurrency. It is managed by a network of specialized computers that are known as miners and consume large energy pieces to reduce blocks and check transactions. According to the recent reports, digital asset causes more CO2 emissions than American Airlines, one of the largest airlines in the world with over 200 million passengers in a normal year. In addition, the emissions of Bitcoin are comparable to those of the US government that employs over 2 million people.

Musk announced that Tesla bought Bitcoin worth $ 1.5 billion in February and began to accept the digital wealth for cars in March of this year, which rose to over 60,000 US dollars. This caused turmoil for the critics due to the amount of energy required to extract Bitcoin, as well as the negative effects on sustainability efforts. Since then, the technology entrepreneur has withdrawn his support and cited environmental concerns in terms of the way miners drive their machines. Musk explained that Tesla would continue to stick to Bitcoin and hopes to be able to restart the Bitcoin transactions in the future. The company is currently examining alternative cryptocurrencies that have less effects on the environment.

Musk was not the only billionaire who sent shock waves through the sector. Victor Buterin, co-founder of Ethereum, donated Dogecoin token worth $ 1 billion to the India Covid Relief Fund. Buterin has also moved Ether token from Ethereum worth $ 1.3 billion to a separate wallet from its main speech. These steps led to speculation about whether butterin will pay its huge cryptocurrency stocks, which led to the price of Ethereum from its latest highs of over $ 4,000 token and the price of Dogecoin of 10%.

What's next?

There is no doubt that a fundamentally digital future is in sight for global finance. However, a sustainable future for FinTech depends on the fact that the industry will select the right assets. Muschus, who takes a step back from Bitcoin, offers green cryptocurrencies the opportunity to get more attention with the support of the technologyemagnate and to pave the way into a more sustainable future. His announcement could have the potential to influence other cryptocurrencies to introduce more environmentally conscious mining practices.

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