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Elon Musk says he believes in cryptocurrencies, but reiterates environmental concerns

"To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal," Elon Musk tweeted on May 13.

May 14, 2021 / 10:46 AM IST
Elon Musk. (File Image)

Elon Musk. (File Image)


Tesla founder Elon Musk again raised concerns about the environmental impact of cryptocurrency mining, but added that he remains a believer.

"To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal," Musk tweeted on May 13.

He also said he is working with developers of Dogecoin, a meme-inspired cryptocurrency, to improve the efficiency of transactions.

"Working with Doge devs to improve system transaction efficiency. Potentially promising," the Tesla chief executive tweeted.

Musk's comments come a day after he said Tesla will suspend the use of Bitcoin in vehicle purchases, citing concerns over use of fossil fuels in mining of the world's largest cryptocurrency. 

Also read: Tesla's U-turn on Bitcoin payments sparks $365 billion sell-off in crypto market

The price of Bitcoin and some other digital currencies slid after Musk's announcement. 

Moneycontrol News
first published: May 14, 2021 10:46 am

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