This is why the price of bitcoin has dropped to $51,000


falls below $51,000 after , the CEO of , sent out a crucial tweet.

, the CEO of Tesla, has stated that his would no longer allow Bitcoin as a method for vehicles. On Thursday, the collapsed as a result of his tweet.

On CoinMarketCap, bitcoin has fallen below $51,000. This website monitors a number of . Previously, Bitcoin’s all-time high was more than $60,000. The of the digital currency has also fallen. On hearing about Tesla, value also plunged.

For a long time, Tesla did not accept Bitcoin as a payment method. Musk announced that it will be necessary on March 24, 2021.

Tesla does not offer its for sale.

Bitcoin is based on the , a kind of collective logbook in which all parties collectively document all transactions. Every ten minutes, a new “page” is added to this logbook with the latest updates.

To securely manage each record, a complex mathematical formula must be solved. Unique computer programs tinker all day long all over the world. This is referred to as . Solvers of the formula are rewarded in bitcoin. Mining costs a lot of resources.

In February, Tesla bought Bitcoin for $1.5 billion. The company will not sell those shares. Tesla intends to use the money for purchases until the coins can be mined with friendlier energy sources. Other coins that use less fossil fuels are being considered by the group.

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