The electric car maker, which previously said it will allow consumers to buy Tesla with bitcoin, suddenly scrapped the arrangement last week. Its billionaire founder Elon Musk said Tesla will halt sales of cars using bitcoin due to the effects on the environment that cryptocurrency mining can have. Therefore, if investors are interested in cryptocurrencies because of Musk, it is better for them to give up these dreams for now and invest in Tesla instead. And if investors trust Musk's investment instincts, then why not directly invest in Tesla, which is the billionaire's own brainchild? Musk might drop bitcoin like a hot potato at any time but it's unlikely that he will ever ditch Tesla.

Source: The Standard May 16, 2021 19:07 UTC