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Why Elon Musk's bitcoin U-turn caused a crypto crash
CBSN
Elon Musk's announcement Wednesday that Tesla would no longer accept bitcoin as a payment for purchase of its vehicles caused investors to hit the breaks on the booming cryptocurrency market.
Musk said his decision had to do with bitcoin's growing environmental concerns, but some questioned whether that was really the case, considering that Tesla's core products are environmentally friendly electric cars and solar energy panels and it is no secret that mining bitcoin through massive amounts of computer power is an energy-intensive enterprise. The result was a swift plunge Wednesday night in cryptocurrency prices that equalled hundreds of billions of dollars in losses for investors and other holders of digital currencies. Despite Musk's announcement, Tesla said it planned to hold onto its investment in bitcoin, which was valued at about $1.5 billion at the end of March.More Related News

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