The Elon Musk relationship with Bitcoin took a turn in May 2021 when he declared that Tesla would no longer accept the cryptocurrency for vehicle purchases due to environmental concerns.
His announcement came just months after Tesla had begun accepting Bitcoin, highlighting the volatility of the company’s stance. Not much has changed since.
Musk’s decision underscored the growing scrutiny of
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energy consumption, particularly its reliance on fossil fuels. Despite the suspension, Tesla retained its Bitcoin holdings, but will Tesla look into adopting other cryptocurrencies?
Here’s which ones are likely to be it.
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Elon Musk On Cardano, The Academic Blockchain
In 2021, when Musk called out Bitcoin, Cardano surged past its previous all-time high of $3.00, marking a significant milestone for the cryptocurrency. Now trading around $0.68, Cardano was once considered a slow-moving project, but its academic-first approach and focus on underdeveloped regions like Africa are now paying dividends.
Elon Musk, leading the Department of Government Efficiency, has shown interest in leveraging blockchain technology to enhance transparency and efficiency. Cardano’s scalability and energy efficiency make it a strong candidate for such initiatives.
BREAKING: Charles believes @elonmusk will be talking about #Cardano in the future
$ADA pic.twitter.com/0tDF2z2JvL
— Leader Alpha (@LeaderAlphaNews) February 19, 2025
Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration, stating that Cardano would be ready to support government operations if called upon.
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The Most Successful Blockchain: Ethereum
Ethereum’s first-mover advantage over smart contracts allowed it to develop the most successful blockchain on the planet. While Bitcoin does one thing really well, albeit better than any other cryptocurrency, Ethereum tries to do 12 amazing things that Bitcoin can never dream of like DeFi, DAOS, and Proof of Stake.
Further, ETH founder Vitalik Buterin voiced his distaste for Bitcoin’s wasteful mining operations: “Bitcoin mining is a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue,” Buterin told IEEE Spectrum.
(source)
As of now, Musk has not made any public statements regarding Ethereum in 2024 or 2025. While he has previously mentioned owning Ethereum alongside Bitcoin and Dogecoin, there have been no recent comments or endorsements from him about Ethereum.
Elon Musk: Bitcoin is Still a Strong Contender
In an interview with CNBC, Morgan Creek Digital Founder Anthony “Pomp” Pompliano made an excellent point: Pay attention to what people do, not what they say.
Elon Musk is long billions of dollars in Bitcoin. He isn’t selling, despite taking massive Bitcoin profits in 2021.
Pomp also tweeted that 75% of Bitcoin mining is done using renewable energy. Certainly, Bitcoin has made strides in becoming greener, but as the price of Bitcoin rises so does its energy expenditure.
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Key Takeaways
- Elon Musk has not changed his stance on Bitcoin. Since 2021, the Tesla CEO has maintained that the company would suspend car purchases using Bitcoin.
- Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration.
- For now, the debate about cryptocurrency’s place in America’s financial future is just beginning.
The post Elon Musk’s Big Problem with Bitcoin And Which Crypto He Prefers appeared first on 99Bitcoins.