{"id":5515,"date":"2021-05-13T16:31:20","date_gmt":"2021-05-13T21:31:20","guid":{"rendered":"https:\/\/www.webfxonline.com\/?p=5515"},"modified":"2021-05-17T12:42:40","modified_gmt":"2021-05-17T17:42:40","slug":"elon-musks-u-turn-on-bitcoin-hits-tesla-and-other-crypto-linked-stocks-as-hundreds-of-billions-get-wiped-off-the-digital-asset-market","status":"publish","type":"post","link":"https:\/\/www.webfxonline.com\/?p=5515","title":{"rendered":"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market"},"content":{"rendered":"\n<figure class=\"wp-block-video\"><video height=\"360\" style=\"aspect-ratio: 640 \/ 360;\" width=\"640\" autoplay controls poster=\"https:\/\/www.webfxonline.com\/wp-content\/uploads\/2021\/05\/15-1.png\" src=\"https:\/\/www.webfxonline.com\/wp-content\/uploads\/2021\/05\/Cryptocurrencies-plunge-after-Elon-Musks-bitcoin-u-turn.mp4\"><\/video><\/figure>\n\n\n\n<p>Stocks linked to cryptocurrencies slumped on Thursday after Elon Musk&#8217;s&nbsp;sudden change of mind on bitcoin&nbsp;sent the popular digital asset&nbsp;15% lower.<\/p>\n\n\n\n<p>Tesla&nbsp;suspended vehicle purchases through bitcoin and will instead explore other digital currencies that are less energy-intensive, Musk announced Wednesday.<\/p>\n\n\n\n<p>The entire&nbsp;cryptocurrency market&nbsp;shed around $365 billion to about $2.06 trillion as bitcoin, Ethereum&#8217;s&nbsp;ether&nbsp;and Ripple&#8217;s&nbsp;XRP&nbsp;fell sharply. The market recovered some losses later in the day as the value of combined digital assets rose to about $2.24 trillion.<\/p>\n\n\n\n<p>Tesla&#8217;s realization that bitcoin could be increasingly environmentally-damaging sent its shares 2.7% lower in Thursday&#8217;s pre-market trading.<img decoding=\"async\" alt=\"chart: @elonmusk\/Twitter\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/BB1gGIiU.img?h=535&amp;w=799&amp;m=6&amp;q=60&amp;o=f&amp;l=f\">\u00a9 @elonmusk\/Twitter&nbsp;@elonmusk\/Twitter<\/p>\n\n\n\n<p>Major cryptocurrency exchange&nbsp;Coinbase, which just&nbsp;went public last month, fell 5%.&nbsp;MicroStrategy, which holds around&nbsp;90,000 bitcoins, plunged 10%, while Jack Dorsey&#8217;s payments firm&nbsp;Square&nbsp;fell 2%.<\/p>\n\n\n\n<p>Crypto-mining stocks were badly hurt too.&nbsp;Riot Blockchain&nbsp;and&nbsp;Marathon Digital Holdings&nbsp;fell 13%, while&nbsp;BitDigital&nbsp;fell 6%<\/p>\n\n\n\n<p>.<img decoding=\"async\" alt=\"a man standing next to a fence: Bitcoin mining is hugely energy intensive, requiring vast amounts of computing power. Alessandro Bianchi\/Reuters\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/BB1gGKx9.img?h=489&amp;w=799&amp;m=6&amp;q=60&amp;o=f&amp;l=f\">\u00a9 Alessandro Bianchi\/Reuters&nbsp;Bitcoin mining is hugely energy intensive, requiring vast amounts of computing power. Alessandro Bianchi\/Reuters<\/p>\n\n\n\n<p>&#8220;All of a sudden, he&#8217;s not so keen due to environmental concerns,&#8221; Nigel Green, chief executive of investment firm deVere Group, said, and questioned why Musk didn&#8217;t do more homework before&nbsp;Tesla invested $1.5 billion in bitcoin.https:\/\/products.gobankingrates.com\/r\/d9360ea31bf06ea8b9d0ef49288e28fb?subid=<\/p>\n\n\n\n<p>&#8220;Musk likes being known as a contrarian. He likes to go against the crowd in a high-profile way. Is his waning interest in bitcoin at a time when huge amounts of institutional investment from major Wall Street banks is pouring in, part of this?&#8221; Green said.<\/p>\n\n\n\n<p>Musk&#8217;s move to accept bitcoin payments for Tesla was one of the most legitimate catalysts for the cryptocurrency&#8217;s rally this year. He recently tweeted a poll asking followers whether his EV-maker should&nbsp;accept payment in dogecoin. Although he has been a vocal advocate of cryptocurrencies, he has warned investors to&nbsp;be cautious.<\/p>\n\n\n\n<p>&#8220;In any event, the more Musk and others mainstream Doge and other crypto, the more it will appreciate and the less crypto traders will want to use it as a means of payment, as opposed to a store of value,&#8221; Eric Berman, senior legal editor of US Finance at Thomson Reuters Practical Law, said. &#8220;Financially, it would be like paying for goods and services with gold or oil &#8211; though slightly less cumbersome.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Stocks linked to cryptocurrencies slumped on Thursday after Elon Musk&#8217;s&nbsp;sudden change of mind on bitcoin&nbsp;sent the popular digital asset&nbsp;15% lower. Tesla&nbsp;suspended vehicle purchases through bitcoin and will instead explore other digital currencies that are less <a class=\"mh-excerpt-more\" href=\"https:\/\/www.webfxonline.com\/?p=5515\" title=\"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market\">[read more]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":5597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-5515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk&#039;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.webfxonline.com\/?p=5515\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk&#039;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market -\" \/>\n<meta property=\"og:description\" content=\"Stocks linked to cryptocurrencies slumped on Thursday after Elon Musk&#8217;s&nbsp;sudden change of mind on bitcoin&nbsp;sent the popular digital asset&nbsp;15% lower. Tesla&nbsp;suspended vehicle purchases through bitcoin and will instead explore other digital currencies that are less [read more]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.webfxonline.com\/?p=5515\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/webfxonline\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-13T21:31:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-17T17:42:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.webfxonline.com\/wp-content\/uploads\/2021\/05\/20.png\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"434\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"webfxadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"webfxadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515\"},\"author\":{\"name\":\"webfxadmin\",\"@id\":\"https:\/\/www.webfxonline.com\/#\/schema\/person\/b895cf119df5f037917aca0a8c00b3db\"},\"headline\":\"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market\",\"datePublished\":\"2021-05-13T21:31:20+00:00\",\"dateModified\":\"2021-05-17T17:42:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515\"},\"wordCount\":440,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.webfxonline.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.webfxonline.com\/?p=5515#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515\",\"url\":\"https:\/\/www.webfxonline.com\/?p=5515\",\"name\":\"Elon Musk's U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market -\",\"isPartOf\":{\"@id\":\"https:\/\/www.webfxonline.com\/#website\"},\"datePublished\":\"2021-05-13T21:31:20+00:00\",\"dateModified\":\"2021-05-17T17:42:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.webfxonline.com\/?p=5515\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.webfxonline.com\/?p=5515#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.webfxonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.webfxonline.com\/#website\",\"url\":\"https:\/\/www.webfxonline.com\/\",\"name\":\"\",\"description\":\"Website &amp; 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Tesla&nbsp;suspended vehicle purchases through bitcoin and will instead explore other digital currencies that are less [read more]","og_url":"https:\/\/www.webfxonline.com\/?p=5515","article_publisher":"https:\/\/www.facebook.com\/webfxonline","article_published_time":"2021-05-13T21:31:20+00:00","article_modified_time":"2021-05-17T17:42:40+00:00","og_image":[{"width":750,"height":434,"url":"https:\/\/www.webfxonline.com\/wp-content\/uploads\/2021\/05\/20.png","type":"image\/png"}],"author":"webfxadmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"webfxadmin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.webfxonline.com\/?p=5515#article","isPartOf":{"@id":"https:\/\/www.webfxonline.com\/?p=5515"},"author":{"name":"webfxadmin","@id":"https:\/\/www.webfxonline.com\/#\/schema\/person\/b895cf119df5f037917aca0a8c00b3db"},"headline":"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market","datePublished":"2021-05-13T21:31:20+00:00","dateModified":"2021-05-17T17:42:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.webfxonline.com\/?p=5515"},"wordCount":440,"commentCount":0,"publisher":{"@id":"https:\/\/www.webfxonline.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.webfxonline.com\/?p=5515#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.webfxonline.com\/?p=5515","url":"https:\/\/www.webfxonline.com\/?p=5515","name":"Elon Musk's U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market -","isPartOf":{"@id":"https:\/\/www.webfxonline.com\/#website"},"datePublished":"2021-05-13T21:31:20+00:00","dateModified":"2021-05-17T17:42:40+00:00","breadcrumb":{"@id":"https:\/\/www.webfxonline.com\/?p=5515#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.webfxonline.com\/?p=5515"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.webfxonline.com\/?p=5515#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.webfxonline.com\/"},{"@type":"ListItem","position":2,"name":"Elon Musk&#8217;s U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital-asset market"}]},{"@type":"WebSite","@id":"https:\/\/www.webfxonline.com\/#website","url":"https:\/\/www.webfxonline.com\/","name":"","description":"Website &amp; 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