Tesla CEO Elon Musk on Thursday clarified his thoughts on cryptocurrencies after comments he made earlier in the week were credited with sending the markets lower.
Musk said on Thursday that he "strongly believed" in cryptocurrencies, shortly after he announced Tesla would stop accepting Bitcoin for vehicle purchases due to environmental concerns.
Musk previously posted that the electric vehicle maker was "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal." He linked to a chart from Cambridge University's Bitcoin Electricity Consumption Index that shows Bitcoin’s energy consumption has risen over the past five years.
Musk said that while he believed the digital currencies had a promising future, it could not come at the cost of the environment.
FoxBusiness
