On Wednesday May 12 Telsa CEO, Elon Musk announces on his Twitter that Tesla will no longer be accepting Bitcoin at this present time for vehicle purchases due to increasing use of fossil fuels for “Bitcoin mining.” Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine. It is believed that between Elon Musk, Tesla, and Space X the total of bitcoin owned is around $5 billion dollars.
On May 11 Elon Musk to a poll on his Twitter page to ask his followers, “Do you want Tesla to accept Doge?” 78.2% say YES out of nearly 4 million votes.
The people have spoken now the next question is will Musk soon announce that Telsa will be accepting Doge as payment instead? If so we could possibly see Doge prices skyrocket…… or maybe not.
