Home / News & media website / News / Internet Furious At Elon Musk For Tesla Bitcoin U-turn Which Caused a Serious Drop


Billionaire CEO and businessman Elon Musk has sparked fury on social media once again after sharing one of his tweets on Twitter. 

After announcing two months ago that Musk’s electronic car company, Tesla will be accepting purchases with Bitcoin, the CEO has decided otherwise. In a statement shared on his Twitter account, Musk announced that Tesla will no longer accept bitcoin for car purchases, which again led to a serious drop in Bitcoin. 

Musk further elaborated on long-brewing environmental concerns for the decision and stated: “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” However, this will not be a long term decision as Musk added that Tesla would resume accepting bitcoin “as soon as mining transitioned to more sustainable energy”.

Bitcoin users have expressed their anger as $365.85 billion was wiped off the entire cryptocurrency market, and bitcoin shares has dropped with more than 10% after Musk made the announcement.

Even though some markets reacted strongly to Musk’s decision, social media users expressed their anger. Businessman and music mogul DJ Sbu reacted to the news and  tweeted that: “Elon Musk is messing with our money”.

Others joked that Musk should have ‘done them a solid’ and informed them before announcing the breaking decision on social media which caused the serious drop.

Racial Abuse On Ryanair Flight
Three Arrested For Attempted Hijacking At Sandown High School
SABC offered SAFA 'disrespectful' R10 million to broadcast Bafana games
SpaceX Falcon 9 Rocket Delivers SAOCOM-1A Earth-Observation Satellite
Facebook Launches Fake-News Checking In South Africa
Calls For Dros Rape Accused To Face Attempted Murder Charge
Indonesian Tsunami Struck After Warning Lifted
Anc | 'this Website Is Down Due To Non-payment To The Service Provider'
Air Niugini plane lands in Micronesia lagoon