Tesla Stops $BTC Use | Mark Cuban's Mavs Will Continue to Support Crypto Citing 'Shrinking Big Bank' as Beneficial

With the whole cryptocurrency blowing up as more and more people become not just aware but now also involved in the cryptocurrency, one struggle is that it will gravely impact the environment. Elon Musk has just recently given quite a statement about cryptocurrency and Tesla.

Elon Musk on Tesla's Bitcoin Use

According to Elon Musk's tweet, Tesla has reportedly suspended vehicle purchasing through the use of Bitcoin due to a matter that has been widely discussed. The post notes that they are now concerned about the rapidly increasing utilization of fossil fuels for Bitcoin mining as well as transactions.

Fossil fuels include especially cole which reportedly has the worst emissions in comparison to any fuel. It was also noted that cryptocurrency is reportedly a good idea on a lot of levels and they believe that it has quite a promising future. However, the company notes that it "cannot come" at the great cost of actually wounding the environment.

Tesla is Looking for an Alternative

The company also announced that Tesla will no longer be selling any Bitcoin and that they intend to use it only for the purpose of transactions as soon as the whole mining transitions towards a much more sustainable form of energy. They also noted that they are also looking at other potential cryptocurrencies that would make use of less than 1% of Bitcoin's total energy/transaction.

The announcement by Elon Musk has caught the eye of another investor and owner of the Dallas Mavericks which he purchased back in 2000 for a whopping $285 million. The investor and popular business mogul gave his thoughts when it came to cryptocurrency and they somehow go the opposite way of what Tesla thinks based on its more recent Tweet.

Read Also: $DOGE Drops While Another Doggy Coin Breaks Massive Profits: Everything About Shiba Inu $SHIB

Mark Cuban Says He Will Support $BTC, $ETH, and $DOGE

Mark Cuban tweeted out that Mavs.com will reportedly continue to still accept $BTC, $ETH, and even $DOGE due to them knowing that "replacing Gold" as a main store of value will reportedly help the government. Cuban then shared a link to two different articles which showed just how destructive the mining of gold can be.

Cuban shared an article by The New York Times which talked about the truth behind humanity's obsession with gold and another article by Money Week which reportedly talks about how Bitcoin, despite consuming a lot of energy, is still worth it. In fact, the article even stated that its large consummation of energy in order to maintain its network is what actually gives it value.

The Dallas Mavericks' owner then noted that shrinking big banks as well as coin usage will later on benefit society as well as the environment. While Tesla is reportedly looking for ways to avoid the current energy consumption and environmental effects of Bitcoin, Mark Cuban, on the other hand, thinks that relying on cryptocurrency is actually better than relying on "big banks."

Related Article: Tesla Bull Explains How to Handle Volatility with $TSLA

This article is owned by Tech Times

Written by Urian B.