Business Maverick: Bitcoin Hovers Around $50,000 Amid the Fallout From Musk’s Blast

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Bitcoin was on course for a weekly slump of more than 10% after Tesla Inc.’s Chief Executive Officer Elon Musk doubled down on his attack on the token’s energy demands.

It’s unclear what prompted the Bitcoin decision. Musk and Zachary Kirkhorn, Tesla’s chief financial officer, didn’t immediately respond to an email inquiry for comment. Kirkhorn in March added the tongue-in-cheek title “Master of Coin,” according to a regulatory filing.

“Surely he would have done his diligence prior to accepting Bitcoin?” said Nic Carter, founding partner at Castle Island Ventures, andvoice among defenders of Bitcoin’s energy use. “Very odd and confusing to see this quick reversal.” Musk’s crypto tweets have often been in jest, and his attention toward Dogecoin brought the joke token into the mainstream. He’s quipped about being the “Dogefather” in the past, and tweeted on Tuesday, “Do you want Tesla to accept Doge?”

 

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