Business
What Elon Musk’s U-turn on Tesla payments means for Bitcoin and the future of cryptocurrencies – ABC News
Bitcoin prices have plunged after the world’s second richest person tweeted that Tesla would no longer accept the cryptocurrency, writes Gavin Brown.
Tesla’s relationship with cryptocurrencies has been a stop-start rollercoaster.
In February, the electric vehicle manufacturer announced it had purchased $US1.5 billion ($1.9 billion) of Bitcoin and planned to accept the cryptocurrency in future as a means of payment from its customers.
The price of the largest cryptocurrency surged that day from just over $US39,000 to $US46,000, on its way to an all-time high of almost $US65,000 in April and a paper profit of well over $US1 billion for Tesla.
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