June 14, 2021

Crypto Coin Press Releases Site

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

1 min read
Elon Musk says he believes in cryptocurrencies

“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.

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 overuse of fossil fuels in the mining of the world’s largest cryptocurrency. 

 

 

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