Billionaire investor Mark Cuban won’t be following in Tesla CEO Elon Musk’s footsteps after he withdraws support for Bitcoin [BTC] as means of payment.
Within an official tweet to Musk earlier on Wednesday, the Dallas Mavericks owner remarked that the Mavs will still accept Bitcoin, Ethereum [ETH], and Dogecoin [DOGE] as payment means for tickets and merchandise items.
“We know that replacing gold as a store useful will help the environment,” Cuban opined, explained: “Shrinking big bank and coin usage will benefit society and therefore the environment.”
On Wednesday, Musk released a press release announcing that Tesla will not accept Bitcoin payments on account of the carbon footprint related to BTC mining. Musk’s announcement likely triggered a big market correction, with Bitcoin dipping below $50k and therefore the entire crypto market capitalization shedding over 10%.
The Tesla CEO has also doubled down on his Bitcoin mining energy concerns with a follow-up tweet on Thursday morning alluding to energy usage trends, that Musk explained as “insane.”
Bitcoin mining energy consumption continues to be a topic of debate also as a well-liked narrative for BTC critics who often espouse the “ocean boiling narrative.” However, several Bitcoin backers dispute these arguments stating that miners are buyers of last resort for renewable energy producers.
Musk abandoning Bitcoin payments for Tesla also coincides with the form’s carbon credit aspirations. Consistent with a report by Reuters earlier on Wednesday, the electronic vehicle manufacturing giant is among one among eight firms with pending apps at the U.S. Environmental Protection Agency.
Earlier in April, U.S. President Joe Biden set a 2030 net-zero emission goal likely making the multi-billion-dollar United States carbon credit market all the more enticing for firms like Tesla. The worldwide carbon credit market reportedly grew 20% earlier in last year to succeed in $272 Bln, consistent with data from financial analysis firm Refinitive.