Binance founder, Zhao tackles Musk over Tesla’s rejection of Bitcoin for vehicles payment | Ripples Nigeria
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Binance founder, Zhao tackles Musk over Tesla’s rejection of Bitcoin for vehicles payment



More reactions have continued to trail Tesla founder, Elon Musk’s announcement that the company would no longer accept Bitcoin for payment for its vehicles.

Binance founder, Changpeng Zhao, who reacted to the billionaire’s announcement on his Twitter handle on Thursday, said he (Musk) did not make any research before the statement was made public.

According to him, Musk’s reasons for the rejection of Bitcoin for payment of Tesla’s vehicles were contradictory.

Ripples Nigeria had reported that the world’s second-richest man had blamed the decision on level of energy consumption.

He said Bitcoin miners use fossil fuels to develop the crypto, adding that this is having an adverse effect on the environment.

He said Tesla believes in Bitcoin but won’t encourage its usage to the detriment of the environment.

The billionaire described the emissions from coal as one of the worst and would wait for Bitcoin development to be dependable on renewable energy.

However, Musks reasons have been rejected by Zhao and some Bitcoin investors.

READ ALSO: Binance founder defends creation of new bitcoins amid impact on price

He said the businessman was not aware of how much energy non-crypto currencies use.

The Binance founder said: “Elon probably did not research how much energy is required to run other (non-crypto) currencies that Tesla accepts.”

A Nigerian investor, Victor Asemota, who also reacted to Musk’s decision, said it affected his investment as he had divested from Ethereum to Bitcoin prior to Musk’s announcement because of his assumption that Ethereum would crash.

“I was thinking $ETH was going to crash and I converted some to Bitcoin. Then Elon Musk happened,” Asemota said on his Twitter page on Thursday.

But an investment analyst, Olumide Adesina, insisted that the cryptocurrency market would have crashed with or without Musk’s U-turn on the payment option.

“Getting angry won’t bring your money back, the Crypto market had been dropping signals about a pending Tsunami,” he said.

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