Billionaire investor Mark Cuban will not follow in the footsteps of Tesla CEO Elon Musk when he drops support for Bitcoin (BTC) payments.
In response to Musk’s post Wednesday, the Dallas Mavericks owner indicated that Mavs will continue to accept Bitcoin, Ether (ETH), and Dogecoin (DOGE) as payment options for tickets and merchandise.
“We know that replacing gold as a store of value will help the environment,” El Cubi said, adding that “limiting the use of banks and large coins will benefit society and the environment.”
Musk released a statement on Wednesday announcing that Tesla would no longer accept Bitcoin payments due to the carbon footprint associated with BTC mining. Musk’s announcement likely triggered a major market correction with Bitcoin dropping below $ 50,000 and the total value of the cryptocurrency market reaching 10%.
The Tesla boss also doubled down on his bitcoin mining concern by posting the following tweet Thursday morning talking about the energy trends that Musk described as “crazy”.
The energy consumption of Bitcoin mining continues to be a subject of controversy, as well as a common story of Bitcoin critics who often support the “simmering fairy tale”. However, some bitcoin backers question these arguments that miners are the last resort for renewable energy producers.
Musk’s refusal to pay for Bitcoin for Tesla also coincides with the company’s ambitions for carbon credits. The e-car giant is among eight companies that have applied to the U.S. Environmental Protection Agency, according to a Reuters report on Wednesday.
Back in April, US President Joe Biden set a net emissions target for 2030, which will likely make the billions of dollars in US carbon market more attractive to companies like Tesla. According to research firm Refinitive, the global carbon credit market grew 20% in 2020, to reach $ 272 billion.