Pied piper Musk conveniently ignored bitcoin’s inconvenient truth

The Tesla CEO has done an about-turn on the crypto currency after saying in February it would accept it as payment

13 May 2021 - 20:27 By Lionel Laurent

When electric carmaker Tesla Inc said in February it would buy $1.5bn (about R21,3bn) worth of bitcoin and start accepting it as payment, billionaire boss Elon Musk had little to say about the crypto currency’s wasteful energy consumption, despite the obvious inconsistency with his firm’s green credentials.

And when fellow bitcoin bulls Jack Dorsey and Cathie Wood last month backed a report saying combining cryptocurrency mining and renewable-energy projects could be good for the environment, Musk praised the paper as “true”, even though its optimistic and overconfident assumptions smacked of greenwashing...

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