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Bitcoin price crash – live: Crypto market value tumbles as Elon Musk voices concern about digital currencies

The Independent logo The Independent 14/05/2021 Andrew Griffin
Elon Musk holding his hand up © Provided by The Independent

Bitcoin – as well as dogecoin and other cryptocurrencies – have dropped in value in the wake of a critical tweet from Elon Musk.

The Tesla chief executive said that his company would no longer be taking bitcoin as payment for cars, leading its price to tumble and taking other major currencies with it.

Mr Musk said that the environmental concerns about the cryptocurrency were too strong, but did not rule out supporting it once more if its energy use became more sustainable.


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“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he wrote in a long statement posted as a tweet.

It means that not only did bitcoin drop sharply, but other currencies – including dogecoin, which is actually , and has been strongly promoted by Mr Musk – saw their price fall. Of the ten largest cryptocurrencies, all but one were sharply down on Thursday morning, according to tracking website CoinMarketCap.

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