Once again, Tesla Chief Elon Musk’s tweet led to a big drop in bitcoin. Elon Musk Ek tweeted and within two hours of that the price of bitcoin has dropped from $ 54,819 to $ 45,700.
Indeed, Elon Musk wrote in a tweet that his company Tesla will no longer take bitcoin from vehicle buyers. He has refused to take bitcoin due to climate concerns. After which the price of Bitcoin fell by 17 per cent. Which is its lowest price since March 1.
Elon Musk wrote in the tweet, ‘We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, particularly coal, which has the worst emissions of any fuel.’
Let me tell you, earlier this year Tesla announced that it had bought bitcoin for $ 1.5 billion and would accept it in the purchase of its cars, after which there was a sharp jump in bitcoin prices.
Significantly, even before that Elon Musk’s tweet caused a sharp decline in cryptocurrency. Earlier this year, Elon Musk tweeted expressing concern over the rising prices of bitcoin that its price was going up too quickly. After his tweet, the price of bitcoin in New York dropped by $ 8000, or about 18 per cent, to below $ 50,000.
Crypto means something that is not real. Cryptocurrency is a currency built on computer algorithms. It is available only on the Internet and computer. It is an independent currency that has no owner. This currency is not under the control of any one authority. Digital or cryptocurrency is a virtual currency operating on the Internet. Apart from Bitcoin, there are hundreds of other cryptocurrencies in the world such as Red Coin, Sia Coin, CiscoCoin, Voice Coin and Monroe.
In cryptocurrency the returns are very high, online transactions make transactions easier. There is no regulatory body for cryptocurrencies, so conditions like demonetisation or currency devaluation do not affect this. When Bitcoin was launched in the year 2009, its value was 0 dollars. Even in 2010, its value did not reach $ 1.
A ledger for bitcoin transactions is created. Millions of merchants in the world also deal with Bitcoin. However, no central bank has recognized it yet. Many US giants also accept Bitcoin. In the world of Internet, there are many exchanges that make it buy and sell. It is traded through many websites and apps on the Internet. In this, the information of the traffickers is hidden.