Tesla’s decision to accept the digital token as a payment method was a good argument for traders. Several traders saw that it gave legitimacy to the cryptocurrency market.
However, digital currency has created a polemic after the recent price increase. Watchdogs and U.S. agencies said that Bitcoin is an illegal asset that terrorists and illegal drug dealers use on the dark web.
Additionally, Bitcoin mining consumes 66 times more electricity compared to 2015. The carbon emissions associated with it would likely make a polemic said Citigroup Inc in a report.
That being said, Musk decided to ditch Bitcoin payments and is looking for another crypto to fill the gap. For instance, Musk or the “Dogefather” as he called himself during his stint hosting of the “Saturday Night Live” show on May 8 has tweeted on Tuesday, “Do you want Tesla to accept Doge?” Some traders suggested that Musk’s tweet might mean that he will start accepting payments in Dogecoin instead of Bitcoin. However, it’s unclear whether the company intends to do that.
