Elon Musk’s Big Problem with Bitcoin And Which Crypto He Prefers

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 Price Volume in 24h Price 7d 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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DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025

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. ​

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