Musk's U-turn on bitcoin: Genuine concern or publicity stunt?

Investors caught off guard by tech mogul's volte-face

Anna Fedorova
clock • 6 min read
Elon Musk's tweet sparked a 17% drop in the price of bitcoin. Photos: iStockphoto/Steve Jurvetson/Flickr CC BY 2.0
Image:

Elon Musk's tweet sparked a 17% drop in the price of bitcoin. Photos: iStockphoto/Steve Jurvetson/Flickr CC BY 2.0

Tesla and bitcoin once again dominated news headlines last week, as CEO Elon Musk announced his firm would no longer accept bitcoin as payment on concerns over the environmental impact of mining the cryptocurrency.

The Tesla founder's U-turn on the cryptocurrency has led to scepticism from bitcoin investors and equity analysts alike, with the former labelling the announcement a PR stunt and the latter questioning...

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