Crypto community turns on Musk as tweets dent bitcoin

NEW DELHI : Crypto veterans and industry experts pushed back against billionaire Elon Musk’s recent tweets about cryptocurrencies. Musk, the CEO of Tesla and SpaceX, has faced criticism from various experts over the past week and has even been accused of not understanding cryptos enough before making comments.

Musk had been seen as a proponent for cryptos in February when he announced that Tesla would start accepting payments in bitcoin soon and that the company had invested $1.5 billion in bitcoins.

However, Tesla went back on that promise last week, citing environmental concerns around the use of fossil fuels for generating the electricity needed for crypto mining. The company also said it won’t be selling its own holdings till more environment-friendly means are developed.