Elon Musk has been slowly breaking away from cryptocurrency after being one of its biggest backers
Bitcoin prices slipped after an ambiguous tweet from Elon Musk which, many say, adds steam to the rumours of Musk officially breaking away from the world’s largest cryptocurrency. Musk tweeted the word“#Bitcoin” with a broken heart emoji and a reference to a popular song “In the End” by the band Linkin Park.
Following Musk’s tweet, Bitcoin dropped as much as 6.3% and was trading at about $36,750 as of 6.28am in New York, reported Reuters. The Bloomberg Galaxy Crypto Index also retreated as much as 7.3%.
Musk has been slowly breaking away from cryptocurrency after being one of its biggest backers. In May, he announced Tesla will not be accepting payments in Bitcoins anymore due to environmental considerations. Mining bitcoins requires huge amounts of electricity, most of which is dependent on fossil fuels like coal for generation. Cambridge University’s Centre for Alternative Finance runs a Bitcoin Electricity Consumption Index, which showed that the process of mining the cryptocurrency uses more electricity each year than the countries of Malaysia or Sweden.