Cryptocurrency markets saw a bit of a shakeup this week after Tesla Founder and Chief Executive Elon Musk abruptly announced that the company would no longer be accepting Bitcoin payments, citing environmental concerns.
“Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk wrote. “[…] 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.”
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— Elon Musk (@elonmusk) May 12, 2021
However, just as within the DOGE and ADA communities, some XRP users were not too happy about the idea of Elon Musk publicly embracing XRP.
Twitter user @Beat_Diem wrote, “I don’t really want Elon inside XRP, I don’t want a manipulated market. “
“We need adoption. It’s so easy to pay for a Tesla with bitcoin using BitPay or any other crypto debit card even if Elon doesn’t want it. This is really stupid. (sic)”
What are your thoughts on Tesla’s decision to stop accepting BTC payments? Which cryptocurrencies could Tesla accept instead? Let us know in the comments below.