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
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.