Rick Rieder, chief investment officer at BlackRock Financial Management, is pushing back against Telsa CEO Elon Musk’s decision to drop Bitcoin as a form of payment. In an interview with CNBC’s Squawk Box on Thursday, Rieder said Bitcoin (BTC) had “not reached maturity yet” and still had some hurdles to overcome, like the public perception of its energy consumption and price volatility. Though he didn't specifically mention Musk’s claims that the crypto asset comes “at a great cost to the environment,” he said BTC wasn’t “a normal, stable asset” just yet. “I think it's durable,” said Rieder, referring to Bitcoin. …

Bitcoin (BTC) dived 17% when Tesla CEO Elon Musk criticized its energy consumption — but it’s already bouncing back. On Thursday, fresh from its dip to $45,600, BTC/USD is trading above $51,000, having regained over half its lost ground. With the drama still spreading, Cointelegraph considers why, on a fundamental level, Bitcoin is ultimately resilient to the actions of a single user — no matter how influential they are. Proof-of-work doesn’t care Bitcoin’s proof-of-work algorithm rewards both miners and investors over time because their years of work make the network stronger. The longer Bitcoin continues, the less likely it is …

On May 13, Elon Musk sent shockwaves across the crypto markets by revealing that Tesla will no longer accept any BTC payments for cars until Bitcoin mining becomes more environmentally sustainable. Musk notes that while Tesla waits for Bitcoin to move to renewable energy, the firm will be looking at “other cryptocurrencies” that use less than 1% of Bitcoin’s energy per transaction. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 The tweet sent much of the crypto community into a frenzy of speculation as to what other crypto assets Tesla may be exploring. Social influencer “The Cryptic …

With Tesla’s suspension of Bitcoin payments causing chaos in crypto markets today, critics have targeted CEO Elon Musk’s cavalier attitude to the dramatic effects his words and actions can have on the sector. On May 13, Tesla and Musk announced that it had ceased accepting BTC as payment for vehicles due to concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” In response to the news, Bitcoin shed 15% in less than three hours, plummeting from nearly $55,000 to $46,600. Bitcoin’s “Fear & Greed Index” has also swung aggressively from yesterday’s greedy score …

Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using Bitcoin (BTC). In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal." While Musk predicted that cryptocurrency "has a promising future,” he concluded that the rise of digital assets “cannot come at a great cost to the environment." However, the firm has not ruled out accepting BTC again in the future, with the post noting that it will resume using Bitcoin "for transactions as soon …

Tesla CEO Elon Musk has stirred the proverbial “doges’ nest” once again with another tweet about the quintessential meme coin, Dogecoin (DOGE). Tweeting on Tuesday, Musk ran a Twitter poll asking respondents whether they want Tesla to accept Dogecoin as a payment method. Do you want Tesla to accept Doge? — Elon Musk (@elonmusk) May 11, 2021 The poll, posted at 8:00 am UTC, garnered over 400,000 responses in the first 10 minutes and is almost at the 1-million mark, as of the time of writing. Musk’s Twitter poll will run for 24 hours and could be a precursor to …

During an interview with Bloomberg TV on May 3, Binance CEO Changpeng Zhao suggested that Bitcoin (BTC) "is probably less volatile" than the stock prices of Apple and Tesla. Zhao argued that crypto's volatility was not unlike the stock market, adding that "Volatility is everywhere" and that "It is not unique to crypto." However, those involved in cryptocurrency trading probably know that cryptocurrency prices fluctuate a lot more than exchange-listed trillion-dollar companies. This begs one to question whether or not Zhao is detecting a trend that some may have missed. The first obvious reading from the chart above is that …

Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump. First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk's mother, who joined him onstage and asked if her Mother's Day gift would be Dogecoin; Musk replied that it would be. In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as …

Binance’s attempts to bridge traditional markets with the cryptocurrency space in the form of fractionalized stock tokens has drawn the attention of Germany’s financial regulator. The Federal Financial Supervisory Authority, otherwise known as BaFin, warned on Wednesday that the world’s largest cryptocurrency exchange could face heavy fines for launching security-tracking tokens without an accompanying investor prospectus. Binance launched fractionalized stock tokens for Apple, MicroStrategy and Microsoft on Monday, adding to tokens for Coinbase and Tesla, which launched earlier in the month. The exchange had employed German equity firm CM-Equity AG to hold its “depository portfolio of underlying securities,” which, Binance …

Billionaire entrepreneur Elon Musk has taken to Twitter to assure the crypto community that he has not sold any of his personal BTC stash despite his company Tesla realizing profits from its recent Bitcoin (BTC) buys. Musk’s comments came in response to accusations from comedian Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump-and-dump engineered through his public statements supporting the cryptocurrency. Rejecting Portnoy’s assertion, Musk stated that “Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet,” adding: “I have not sold any of my …

Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday. In a 30-page slide deck accompanying its quarterly financial results, Tesla noted a $101 million "positive impact" as a result of its Bitcoin sale: "Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply …

Top crypto asset exchange Binance has announced it will list three new stock tokens over the coming week, following the launch of tokens tracking the performance of Tesla and Coinbase shares earlier this month. On Monday, Binance announced it will launch tokenized stock pairings for leading business intelligence firm MicroStrategy (MSTR) in addition to multinational tech firms Apple (AAPL) and Microsoft (MSFT). The tokens will allow users to trade fractionalized units of the share tokens, with minimum trade sizing set at one one-hundredth of a token. Binance’s MSTR tokens are slated to go live at 1:30 pm UTC on Monday, …