Musk’s Bitcoin Concerns Sink Crypto-Linked Stocks
- Asian, European shares drop with U.S. peers as Bitcoin plunges
- Environmental impact not changed since investment: analyst
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Stocks exposed to cryptocurrencies slumped around the world after Elon Musk voiced concerns over Bitcoin’s energy usage, delivering a blow to the digital asset’s standing within global markets just a few months after the billionaire CEO of Tesla Inc. became one of its biggest supporters.
Crypto shares from the U.S. to Asia slid as Bitcoin plunged as much as 15%, sinking to a low of $46,045 before trimming the decline. Musk said he was worried over the “rapidly increasing” use of fossil fuels for Bitcoin mining and transactions, and suspended Tesla purchases with the asset, indicating he might favor other cryptocurrencies that don’t use as much energy.