Elon Musk reversed his backing of bitcoin on Wednesday as he said that Tesla was suspending plans to accept payment for its cars using the cryptocurrency.
He put the change of heart down to environmental worries about the mechanism used to validate bitcoin transactions, pointing to a wider rethink of the digital currency that could throw into question its growing appeal among other companies as well.
Musk has faced sharp rebukes over Tesla’s recent support for the cryptocurrency, including from ESG investors who consider environmental, social and governance issues. His enthusiasm for the energy-hungry currency runs counter to the climate change worries that the Tesla chief executive has always said led to his involvement in electric cars.
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