Bitcoin dropped nearly $10,000 to just over $49,676 over the week, shortly after Musk's announcement that Tesla would no longer accept bitcoin as a payment for purchase of its e-vehicles.
Musk's tweet wiped out up to $365 billion from the cryptocurrency market's value. Other digital currencies have also crashed. Ethereum was down about 12% to about $ 3,700 on Thursday.
"We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and its transactions, especially coal, which produces the worst emissions of any other fuel," Musk said on Twitter, adding that the cryptocurrency is "a good idea on many levels but, its promise cannot come at a great cost to the environment."
Follow the latest news on Google News
