Elon Musk's tweet about Tesla now not taking any Bitcoin as payment for Tesla vehicles caused a significant dip in cryptocurrencies value.
It was only a few days ago that Musk announced that Tesla would not be taking any Bitcoin as payment for Tesla vehicles, citing the energy needed to mine Bitcoin. Musk said that Tesla still intends to use the currency for transactions "as soon as mining transitions to more sustainable energy". Since Musk has halted Bitcoin payments to Tesla due to environmental concerns, Tesla is now looking towards other cryptocurrencies that use much less energy.
According to attorney, John E Deaton, Musk has handed "the best ad campaign" to Ripple's (XRP) executives. Ripple CEO Brad Garlinghouse and other executives aren't strangers to promoting how energy-efficient Ripple is, with Garlinghouse recently stating that XRP is 10,000 times more energy-efficient than Bitcoin. XRP isn't the only energy-efficient cryptocurrency on the market. Other options include one of Musk's personal favorites - Dogecoin.
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