Elon Musk VS Bitcoin - Economist

Elon Musk, CEO of electric car maker Tesla, announced that the company will start accepting bitcoin once again to buy cars.

On Wednesday, July 21, Musk said that bitcoin appears to be shifting toward renewables and that a group of heavy coal plants that were used to "mining bitcoin" has closed, especially in China.

After Bitcoin peaked at the start of 2021, the month of May came, and Musk said in a tweet on Twitter that the company would suspend the purchase of vehicles using Bitcoin for fear of the rapidly increasing use of fossil fuels to mine the currency.

Since then, the currency has been in decline and has lost more than half of its value.

Then Beijing cracked down on cryptocurrency mining, causing the cryptocurrency market to crash in a very frightening way.

Musk said that long-term renewables will be the cheapest energy, but it doesn't happen overnight, but as long as there is a conscious and determined effort by the mining community to move toward renewables, it's clear that Tesla can support that, and as a result, the cryptocurrency soared in Yesterday's trading was about 8%.