Mark Cuban has shared a tweet in which he explains how Bitcoin (BTC) could help the environment. This comes after Tesla’s decision to stop accepting Bitcoin for payments for the cars they sell.
The entire cryptocurrency community started commenting and talking about the different benefits of Bitcoin and how the digital asset could reduce the impact on the environment by using renewable energies and reducing our dependency on fiat currencies and gold.
Mark Cuban Defends Bitcoin
Mark Cuban, the owner of the National Basketball Association’s (NBA) Dallas Mavericks, wrote a tweet in which he explains that Mavs.com will continue to accept Bitcoin, Ethereum (ETH) and Dogecoin (DOGE) in the future. He quoted Elon Musks’s tweet in which they informed they are concerned about Bitcoin consumption.
The official information released by Tesla reads as follows:
“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. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
According to Mark Cuban, they continue accepting Bitcoin and other virtual currencies at their online store because they know that replacing gold as a store of value could help the environment. Moreover, shrinking big banks and coin usage would also benefit society and the environment.
Furthermore, Mr. Cuban explained that people from all over the world are purchasing merchandise and tickets using Bitcoin, the largest cryptocurrency in the world. The company started to accept Bitcoin payments back in 2019 before the bull market in which we currently are.
Elon Musk has been a controversial figure in the crypto space due to different reasons. He has always been a strong supporter of Bitcoin and Dogecoin. At the same time, Tesla has purchased millions of dollars in Bitcoin, helping the price of the virtual currency to reach new highs during 2021.
Although Tesla continues to hold most of its Bitcoin, Musk decided to clarify why they do not want to accept BTC payments anymore for their Tesla cars. Purchasing a Tesla car with Bitcoin was one of the best decisions the company could take as hundreds of individuals from all over the world rushed to buy a Tesla car paying with BTC.
Nowadays, Bitcoin is being traded around $49,000 per coin and it has a market capitalization of over $925 billion.