Bitcoin

What does Tesla’s U-turn on Bitcoin payments mean for the future of cryptocurrencies?

Tesla’s relationship with cryptocurrencies has been a stop-start rollercoaster. In February, the electric vehicle manufacturer announced it had purchased US$1.5 billion (£1.1 billion) of Bitcoin and planned to accept the cryptocurrency in future as a means of payment from its customers. The price of the largest cryptocurrency surged that day from just over US$39,000 to US$46,000, on its way to an all-time high of almost US$65,000 in April – and a paper profit of well over US$1 billion for Tesla. Fast-forward a few short weeks and the situation has changed entirely. First came the news in late April that Tesla…

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