The Elon Musk relationship with Bitcoin took a flip in Might 2021 when he declared that Tesla would now not settle for the cryptocurrency for automobile purchases resulting from environmental issues.
His announcement got here simply months after Tesla had begun accepting Bitcoin, highlighting the volatility of the corporate’s stance. Not a lot has modified since.
Musk’s choice underscored the rising scrutiny of
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power consumption, significantly its reliance on fossil fuels. Regardless of the suspension, Tesla retained its Bitcoin holdings, however will Tesla look into adopting different cryptocurrencies?
Here’s which of them are more likely to be it.
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Elon Musk On Cardano, The Educational Blockchain
In 2021, when Musk referred to as out Bitcoin, Cardano surged previous its earlier all-time excessive of $3.00, marking a big milestone for the cryptocurrency. Now buying and selling round $0.68, Cardano was as soon as thought of a slow-moving challenge, however its academic-first method and concentrate on underdeveloped areas like Africa at the moment are paying dividends.
Elon Musk, main the Division of Authorities Effectivity, has proven curiosity in leveraging blockchain know-how to boost transparency and effectivity. Cardano’s scalability and power effectivity make it a powerful candidate for such initiatives.
BREAKING: Charles believes @elonmusk shall be speaking about #Cardano sooner or later
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— Chief Alpha (@LeaderAlphaNews) February 19, 2025
Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration, stating that Cardano can be able to assist authorities operations if referred to as upon.
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The Most Profitable Blockchain: Ethereum
Ethereum’s first-mover benefit over sensible contracts allowed it to develop probably the most profitable blockchain on the planet. Whereas Bitcoin does one factor very well, albeit higher than every other cryptocurrency, Ethereum tries to do 12 wonderful issues that Bitcoin can by no means dream of like DeFi, DAOS, and Proof of Stake.
Additional, ETH founder Vitalik Buterin voiced his distaste for Bitcoin’s wasteful mining operations: “Bitcoin mining is a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue,” Buterin advised IEEE Spectrum.
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As of now, Musk has not made any public statements relating to Ethereum in 2024 or 2025. Whereas he has beforehand talked about proudly owning Ethereum alongside Bitcoin and Dogecoin, there have been no latest feedback or endorsements from him about Ethereum.
Elon Musk: Bitcoin is Nonetheless a Sturdy Contender
In an interview with CNBC, Morgan Creek Digital Founder Anthony “Pomp” Pompliano made a wonderful level: Take note of what individuals do, not what they are saying.
Elon Musk is lengthy billions of {dollars} in Bitcoin. He isn’t promoting, regardless of taking large Bitcoin income in 2021.
Pomp additionally tweeted that 75% of Bitcoin mining is finished utilizing renewable power. Actually, Bitcoin has made strides in turning into greener, however as the value of Bitcoin rises so does its power expenditure.
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Key Takeaways
- Elon Musk has not modified his stance on Bitcoin. Since 2021, the Tesla CEO has maintained that the corporate would droop automotive purchases utilizing Bitcoin.
- Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration.
- For now, the controversy about cryptocurrency’s place in America’s monetary future is simply starting.
The submit Elon Musk’s Big Problem with Bitcoin And Which Crypto He Prefers appeared first on 99Bitcoins.
