The Elon Musk relationship with Bitcoin took a flip in Could 2021 when he declared that Tesla would not settle for the cryptocurrency for vehicle purchases as a result of environmental issues.
His announcement got here simply months after Tesla had begun accepting Bitcoin, highlighting the volatility of the corporate’s stance. Not a lot has modified since.
Musk’s resolution underscored the rising scrutiny of
Worth 7d
power consumption, significantly its reliance on fossil fuels. Regardless of the suspension, Tesla retained its Bitcoin holdings, however will Tesla look into adopting different cryptocurrencies?
Right here’s which of them are more likely to be it.
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Elon Musk On Cardano, The Educational Blockchain
In 2021, when Musk known as out Bitcoin, Cardano surged previous its earlier all-time excessive of $3.00, marking a major milestone for the cryptocurrency. Now buying and selling round $0.68, Cardano was as soon as thought of a slow-moving undertaking, however its academic-first method and give attention to underdeveloped areas like Africa are actually paying dividends.
Elon Musk, main the Division of Authorities Effectivity, has proven curiosity in leveraging blockchain expertise to reinforce transparency and effectivity. Cardano’s scalability and power effectivity make it a robust candidate for such initiatives.
BREAKING: Charles believes @elonmusk might be speaking about #Cardano sooner or later
$ADA pic.twitter.com/0tDF2z2JvL
— Chief Alpha (@LeaderAlphaNews) February 19, 2025
Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration, stating that Cardano can be able to help authorities operations if known as upon.
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The Most Profitable Blockchain: Ethereum
Ethereum’s first-mover benefit over good contracts allowed it to develop the most successful blockchain on the planet. Whereas Bitcoin does one factor rather well, albeit higher than another cryptocurrency, Ethereum tries to do 12 wonderful issues that Bitcoin can by no means dream of like DeFi, DAOS, and Proof of Stake.
Additional, ETH founder Vitalik Buterin voiced his distaste for Bitcoin’s wasteful mining operations: “Bitcoin mining is a large waste of assets, even should you don’t imagine that air pollution and carbon dioxide are a problem,” Buterin informed IEEE Spectrum.
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As of now, Musk has not made any public statements relating to Ethereum in 2024 or 2025. Whereas he has beforehand talked about proudly owning Ethereum alongside Bitcoin and Dogecoin, there have been no current feedback or endorsements from him about Ethereum.
Elon Musk: Bitcoin is Nonetheless a Sturdy Contender
In an interview with CNBC, Morgan Creek Digital Founder Anthony “Pomp” Pompliano made a superb level: Take note of what folks do, not what they are saying.
Elon Musk is lengthy billions of {dollars} in Bitcoin. He isn’t promoting, regardless of taking large Bitcoin earnings in 2021.
Pomp additionally tweeted that 75% of Bitcoin mining is finished utilizing renewable energy. Actually, Bitcoin has made strides in changing into greener, however as the worth of Bitcoin rises so does its power expenditure.
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Key Takeaways
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Elon Musk has not modified his stance on Bitcoin. Since 2021, the Tesla CEO has maintained that the corporate would droop automobile purchases utilizing Bitcoin. -
Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration. -
For now, the controversy about cryptocurrency’s place in America’s monetary future is simply starting.
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