Before U-turn, Musk conveniently ignored inconvenient bitcoin truth

Musk's move may also indicate that Teslas weren't flying off the shelves as a result of accepting bitcoin payment

16 May 2021 - 00:04 By

When electric carmaker Tesla said in February it would buy $1.5bn (R21bn) worth of bitcoin and start accepting it as payment, billionaire boss Elon Musk had little to say about the cryptocurrency'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 claiming that 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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