Musk Sends Bitcoin Tumbling After U-Turn

Tesla announced it will no longer accept Bitcoin payments due to environmental concerns, despite previously supporting the cryptocurrency. This decision has caused confusion and anger in the industry, as Tesla still holds Bitcoin. The company is now exploring alternative cryptocurrencies with lower energy demands, such as Ethereum, which is transitioning to a less energy-intensive format.

Why did the car manufacturer decide to stop accepting Bitcoin payments?

• Regulatory issues

• Lack of customer interest

• Environmental concerns

• Due to high transaction fees

What was the initial reaction of the industry to Tesla's announcement?

• Optimism about future prospects

• Indifference

• Excitement and support

• Confusion and anger

What role did Elon Musk play in the cryptocurrency industry prior to this announcement?

• He had no involvement

• He was a rallying point for Bitcoin supporters

• He was a critic of Bitcoin

• He invested in Ether

Which cryptocurrency is Tesla considering as an alternative due to its lower energy demands?

• Litecoin

• Ether

• Dogecoin

• Ripple

What is a key feature of Ether that makes it a potential candidate for Tesla?

• It is the oldest cryptocurrency

• It is transitioning to a format that does not depend on mining

• It has the highest market value

• It is backed by a government