The Dallas Mavericks owner claims that Bitcoin replacing the legacy financial system is going to be a net positive for the environment.
Tweeting in reaction to Musk on Wednesday, the Dallas Mavericks owner commented that the Mavs will last to take Bitcoin, Ether (ETH) and Dogecoin (DOGE) as payment means for tickets and product items.
"We all know that substituting gold as a store of value can help the environment," Cuban opined, including:"Shrinking large coin and bank use will benefit the environment"
On Wednesday, Musk published a statement stating that Tesla doesn't more accept Bitcoin obligations due to their carbon footprint connected with BTC mining. Musk's announcement probably triggered a substantial market correction, together with Bitcoin dipping under $50,000 and the whole crypto market capitalization dropping over 10 percent.
The Tesla CEO has also doubled back on his own Bitcoin mining energy issues with a followup tweet on Thursday morning alluding to electricity use tendencies, which Musk characterized as"crazy"
Bitcoin mining energy intake is still a topic of debate in addition to a favorite story for BTC critics that frequently espouse the"ocean boiling narrative"
Musk abandoning Bitcoin obligations for Tesla also coincides with the provider's carbon credit ambitions. As per a report from Reuters on Wednesday, the digital car manufacturing giant is one of one of eight companies with pending applications in the United States Environmental Protection Agency.
Back in April, U.S. President Joe Biden put that a 2030 net-zero emission target probably making the multi-billion-dollar U.S. carbon credit market all the more enticing for businesses like Tesla. The international carbon credit market allegedly grew 20 percent in 2020 to reach $272 billion, based on statistics from fiscal evaluation firm Refinitive.