CRYPTOCURRENCY stocks are recovering after a four-day slide that saw a $6.1billion drop in value following Elon Musk’s shock Bitcoin announcement.
The gains comes as Bitcoin soared more than 15% on Thursday.
Musk on Wednesday released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.
Posting to his personal Twitter account, he wrote: ” Tesla has suspended vehicle purchases using Bitcoin.
“We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel.”
Within minutes Bitcoin started plummeting, as much of the recent growth of the cryptocurrency was based on speculation of its future as a legitimate currency based off Tesla’s decision to accept payments.
However, Musk insisted he still “strongly believes in crypto”.
“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a Twitter post.
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