Cryptocurrency Exchange Binance CEO Mocks Tesla's Bitcoin Stance, Implicitly Referring To Elon Musk's Hypocrisy

When you use electricity to run your car, it's environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it's an environmental concern," Changpeng Zhao said. write on Twitter.

Changpeng Zhao, CEO of cryptocurrency exchange platform Binance, took to Twitter to take a personal stance regarding recent criticisms of digital currency's energy use. And one of them seems to refer to Tesla CEO Elon Musk.

"When you use electricity to run cars, it's environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it's an environmental concern , " he said. Zhao tweeted.

The statement seems to allude to the recent announcement from Elon Musk that Tesla will no longer accept bitcoin payments to buy its electric cars, which is said to have sparked a wave of crypto sell-offs. CZ's tweet can be temporarily understood that the same systems use electricity, but there is no reason that the electricity used for new energy vehicles has the right to consider itself "cleaner" than the electricity used to operate the cryptocurrency network number.

Tesla has suspended car purchases with Bitcoin," a statement from Elon Musk's Twitter account not long ago. “We are concerned about the rapidly increasing use of fossil fuels to mine and trade bitcoin, especially coal, which has the worst emissions of any fuel.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come with a hefty price tag on the environment.

Tesla will not sell any bitcoins and we plan to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use 1% less energy than Bitcoin's transaction."

In fact, criticisms of bitcoin mining like the Elon Musks have existed for a long time. They are based on analyzes such as the Cambridge University statement showing that the bitcoin mining network uses more than 121 terawatt hours (TWh) per year, equivalent to 1 of the 30 largest electricity consuming countries in the world. Recently, it has been estimated that this industry uses a lot of energy for nearly the entire country of Argentina.