How Tesla’s $1.5b Landmark Bitcoin Investment would hurt its Environmental Reputation

Tesla co-founder Elon Musk faces criticism from analysts and climate advocates over his $1.5 billion investment in Bitcoin. Tesla’s interest to make the world cleaner would be ‘stained’ by Bitcoin’s current environmental imprint.

Tesla’s crypto investment saw the company rise as one of the largest corporate holders of Bitcoin. From the clean energy perspective, Bitcoin mining is perceived as a ‘dirty business.’ Clients could, in the foreseeable future, purchase electric cars from Tesla using Bitcoin. Activists argue that Bitcoin mining consumes a lot of energy and would result to more carbon emissions to the atmosphere.

Money managers, investors and analysts argue that Musk’s Bitcoin venture is ‘risky.’ Wall Street observers lambasted the company’s huge investment in Bitcoin. However, Bitcoin investors welcomed Tesla’s decision that sent their holding value rise by 18 percent within a day.

Furthermore, analysts argue that Tesla’s plan for crypto-for-car payment might be subject to Know Your Customer (KYC) and anti-money laundering rules.

Why Tesla invested in Bitcoin

Tesla decided to invest in Bitcoin in order to maximize returns on idle money and to advance the diversification of income. The electric car manufacture company revealed its interest in Bitcoin in a filing with the US Securities and Exchange Commission (SEC).

Crypto investors perceive Tesla’s investment as a step towards the institutional adoption of Bitcoin. Musk was pronounced as the richest man in the world in 2021 and his investment in Bitcoin has raised eyebrows, with speculations rising over his social media activities. On Twitter he has changed his bio to read #Bitcoin.

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