Cardano and Tesla, a match made in heaven? Cardano reaches highest value ever!

Elon Musk says Tesla is no longer accepting transactions in Bitcoin due to its impact on the environment. Other suiters are offering themselves as a greener alternative.


Credits: Bywire News
Credits: Bywire News
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LONDON (Bywire News) - Could Elon Musk be falling out of love with Bitcoin? The entrepreneur, crypto fanatic, part time space pioneer and SNL host, took to Twitter to announce that Tesla had suspended purchases of bitcoin due to its impact on the environment.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Bitcoin’s carbon footprint has been attracting growing attention in recent times with data from Cambridge University suggesting it was spiking this year. He’s not the only one who’s concerned. U.S. Treasury Secretary Janet Yellen has also warned about the cryptocurrency’s impact on the environment.

For now, then, Musk is taking a break from Bitcoin. Tesla will no longer accept it in payment and things will not change until it has found a more sustainable way of managing transactions.

That’s quite a move from Tesla which is said to be sitting on about $2.5bn of Bitcoin, despite reportedly offloading a chunk earlier in the year.

That’s not to say he’s falling out of love with cryptocurrencies. “We are also looking for cryptocurrencies which use <1% of bitcoin’s energy/transaction”.

He is, then, in the market and he’s not short of offers. Cardano, the up and coming third generation blockchain was quickly out of the blocks, with this little infographic for why the pair would make a great partnership.

 

 

Cardano creator and cofounder of Ethereum Charles Hoskinson quickly followed up with an offer.

 

 

Other Twitter users were quick to weigh in on the proposed love match with influence MeetKevin raising the prospect of a three way, ahem, chat.

 

 

Another up and coming blockchain was not to be out done.

 

 

Whichever one you are – Team EOS or Team Cardano – both would arguably make a much better fit for Tesla than Bitcoin. They are more innovative, faster, more flexible, and better suited to scale. They are the blockchains designed for the future.

For all the excitement surrounding Bitcoin it is a first generation blockchain and uses a staggering amount of power. In the form it is now, it is incompatible with a world which says it is working towards a greener and more sustainable future.

Cardano, EOS and Tesla each represent a vision for what that future might look like. Maybe, just maybe, this could be the start of a beautiful relationship.

Meanwhile, Cardano’s ADA hit an all time high on Thursday, as the ccryptocurrency continued its quiet growth.

This year, ADA started at $0.181 and has leaped to $1.86, which is just the cheeky 900% growth for the crypto, while Ethereum (ETH) has also had substantial gains. ADA is a competitor of ETH as mathematician and co-founder of Ethereum Charles Hoskinson founded Cardano in 2017.

 

(Writing by Tom Cropper, editing by Michael O’Sullivan)

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