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Questions and Answers
What triggered a downward spiral for Bitcoin value?
What triggered a downward spiral for Bitcoin value?
- Elon Musk's rare tweet in support of Bitcoin
- Tesla's statement about suspending vehicle purchases using Bitcoin (correct)
- Elon Musk's tweet in support of Dogecoin
- Twitter users welcoming Musk's statement
What did Elon Musk's tweet lead to in the Dogecoin market?
What did Elon Musk's tweet lead to in the Dogecoin market?
- Two-month low
- Stabilization
- No significant impact
- Rally by about 20 percent (correct)
What was the reason mentioned for Tesla's decision to not accept payments in Bitcoin?
What was the reason mentioned for Tesla's decision to not accept payments in Bitcoin?
- Elon Musk's preference for Dogecoin
- Concern about rapidly increasing use of fossil fuels for Bitcoin mining and transaction (correct)
- Pressure from other cryptocurrency developers
- Lack of interest in Bitcoin
What did one of the Twitter users welcome in response to Musk's statement?
What did one of the Twitter users welcome in response to Musk's statement?
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What did Elon Musk state he strongly believes in, despite concerns about its impact on fossil fuel use?
What did Elon Musk state he strongly believes in, despite concerns about its impact on fossil fuel use?
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Study Notes
Bitcoin and Tesla's Decision
- A downward spiral for Bitcoin value was triggered by Tesla's decision to stop accepting payments in Bitcoin.
- The reason mentioned for Tesla's decision was due to concerns about the rapidly increasing use of fossil fuels for Bitcoin mining.
Elon Musk's Tweets and Dogecoin
- Elon Musk's tweet led to a surge in the Dogecoin market.
- In response to Musk's statement, one of the Twitter users welcomed the use of Dogecoin as a more environmentally friendly alternative.
Elon Musk's Beliefs
- Despite concerns about its impact on fossil fuel use, Elon Musk strongly believes in cryptocurrency.
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