Elon Musk sent Bitcoin (BTC) reeling on Wednesday, after he announced that Tesla (TSLA) would stop accepting it for car purchases — even though the company continues to hold the digital coin on its books.
In a Twitter post, Musk cited the environmental impact of Bitcoin mining, which has been cited by critics for being energy intensive and a detriment to the climate.
The move took cryptocurrency enthusiasts by surprise, and drove down the price of Bitcoin after hours, with the volatile digital currency shedding over 13%. Other major crypto units followed suit, as investors moved to discount how the loss of a prominent backer's support would impact the asset class's.
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