“While the Bitcoin investment is a sideshow for Tesla, it’s clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months,” Ives said.
Treasury Secretary Yellen warns of Bitcoin usage
Meanwhile, Treasury Secretary Janet Yellen seems like she is still alarmed about Bitcoin. Mrs. Yellen said that there are important questions to ask about Bitcoin’s legitimacy and stability
“I don’t think that bitcoin … is widely used as a transaction mechanism. To the extent it is used, I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.” Yellen told CNBC’s Andrew Ross Sorkin at the New York Times “DealBook” conference.
Bitcoin is a decentralized digital currency that is “mined” by solving mathematical equations through efficient computer GPUs. The process requires massive electricity consumption and results in leaving an enormous carbon footprint.