Published 13th of May 2021 by Nina

Tesla's Elon Musk Takes Sustainability-Led Stance on Crypto Currency Bitcoin

#cryptomarkets plunged this morning after Elon Musk tweeted Tesla would stop accepting Bitcoin. Three paragraphs, the message was succinct in length but exceedingly potent. It demonstrates just how much one #business leader's might can do to agitate toward #sustainabledevelopment.

· Musk’s decision was based on the fact that Bitcoin’s ‘mining’ (mathematical problem-solving) requires high-powered computers which rely on #energy – in the way of electricity, itself reliant on fossil fuels, including coal.

· While Tesla may accept the currency in the #future, Musk has confirmed that #environmental concerns about #bitcoin, now, are too strong to outweigh support for this currency #innovation.

· Whether his statement is a calculated public relations story (as some have said) doesn’t materially change the fact that the approach reflects #systemsthinking, beyond “own operations’ #emissions, across the value chain.

· Musk’s single tweet had enormous consequences for #financialmarkets and indirectly shows how #markets can be nudged significantly by leaders to drive #sustainability transition.

What are you doing, as a business leader, to use your might, be bold, and agitate to drive change?

 

 

 

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