Could Elon Musk’s Bitcoin U-turn destroy the cryptocurrency market?


E

lon Musk performed a neck-snapping U-turn on Bitcoin this week.

Earlier this year the world’s second richest man declared himself a true believer in the merits of the cryptocurrency and ploughed hundreds of millions of dollars of Tesla’s spare cash into the digital tokens.

Tesla also announced that it would accept payment for its electric vehicles in Bitcoin, prompting a surge in its traded price as users and speculators sensed a mainstream breakthrough moment for the cryptocurrency.



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