The Tesla boss was unimpressed by Kraken CEO Jesse Powell's claim that bitcoin is greener than people think.
"Any asset class that basically moves 10% based on one guy's tweets is not fit for purpose," the investment chief at SocGen's UK private bank said.
Bitcoin plunged to a low of $42,185 early on Monday, 35% below its record high, before rebounding after an Elon Musk tweet-storm.
Companies were increasingly adopting bitcoin. But things could change after Elon Musk harshly criticized the cryptocurrency's environmental impact.
Elon Musk said Tesla is looking at more eco-friendly alternatives to bitcoin. There are thousands to choose from.
Bitcoin was more than 20% off its record high after Elon Musk made a major U-turn on Tesla payments, citing the cryptocurrency's "insane" energy use.
Tesla owned 41,953 bitcoin at the end of the first quarter based off of the cryptocurrency's closing price of $59,114 on March 31.
Musk was responding to criticism from Barstool Sports' Dave Portnoy, who'd questioned whether Tesla was profiting from a bitcoin pump-and-dump scheme.
"We do believe long term in the value of bitcoin," Zachary Kirkhorn, Tesla's 'master of coin', said in an earnings call.
Five Tesla customers told CNBC they were still waiting for refunds of up to $71,000 nearly a week after being double charged.
Anthony Scaramucci said Musk wouldn't invest in a "dirty asset" and the future of bitcoin mining is in renewable energy.
Tesla tumbled as much as 9% in early Tuesday trading, extending losses following a similarly sized plunge the session prior. The sell-off has dragged shares to their lowest since December and led CEO Elon Musk to relinquish his title as the world’s richest person. Tesla’s latest slump follows confusion over […]
The sell-off has seen tens of billions of dollars erased from Tesla's market cap and led Elon Musk to lose his title as the world's richest person.
Bitcoin hit a new high of close to $US53,000 on Friday morning. The cryptocurrency’s year-to-date gains hit 80% and its market capitalisation neared $US1 trillion. Interest from big-name firms such as Tesla and BlackRock has powered the stunning rally. Sign up here for our daily newsletter, 10 Things Before the […]
Elon Musk defended Tesla’s bitcoin investment as a safer bet than Dogecoin, saying it’s less dumb than holding cash. Musk was responding to Binance CEO Changpeng Zhao, who called out Tesla’s move in a Bloomberg interview. Zhao said he was surprised that Musk is a Dogecoin advocate, given that it […]
"When fiat currency has negative real interest, only a fool wouldn't look elsewhere," Musk tweeted. "Bitcoin is almost as bs as fiat money."
The jump in the cryptocurrency's price took its market capitalization to within inches of $1 trillion.