Jack Dorsey advocates for bitcoin as Tesla halts payments; says it 'changes everything'

Twitter CEO Jack Dorsey on Sunday hailed cryptocurrency Bitcoin as he said that token “changes everything for better.” Twitter boss ded that he would "forever" work to improve cryptocurrency, ding that “ single person or institution will be able to change it [cryptocurrency] or stop it. Dorsey’s support for digital currency comes as X and Tesla CEO Elon Musk recently anunced that his electric car manufacturer company was halting payments in Bitcoin, as he back pdled company’s March 24 anuncement.

Tesla’s chief executive Musk cited bitcoin’s “increasing use of fossil fuels especially coal,” which harms environment as basis for his company’s decision. Musk criticized bitcoin mining as he anunced he was stopping crypto transactions for purchase of Teslas. 

Dorsey, meanwhile, who has been a longtime Bitcoin vocate, took to praising currency saying, that token and its underlying blockchain is future security, even as his firm Square's CFO, Amrita Ahuja, told Financial News that firm has “ plans” of accepting token. She told reporters that Square h incurred heavy financial losses an estimated $20m on $220m investment in last quarter. Although, talking to her official Twitter handle Ahuja said that company’s bitcoin strategy “hasn’t changed”. She wrote in a post: “We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our bitcoin investment on an ongoing basis.” 

'Has a promising future,' says Twitter boss

Twitter CEO lent his support for Bitcoin after market prices dipped by more than 8 percent to US$50,121 on Sunday after X’s CEO Elon Musk’s disapproval of currency. “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cant come at great cost to environment,” Musk tweeted, once again influencing stock market values of cryptocurrency. Bitcoin’s value tumbled by about 5 percent in first few minutes after Tesla chief shot tweets, expressing concerns overuse of fossil fuels for bitcoin mining. In February this year, Musk’s company, however, h a fair share in jumping prices of Bitcoin to $1.5 billion worth as it anunced that it will start accepting bitcoin as a payment method for purchase of Tesla motor vehicles.