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Featured Image Credit: Instagram/@kellyslater
When Elon Musk announced that Tesla wouldn't accept bitcoin for vehicle purchases, the cryptocurrency market plummeted and people were left fuming.
And it seems one of those people that was impacted by the huge call was none other than Kelly Slater.
The world champion surfer has now come out and slammed the powerful tech mogul, insisting he's "bad for crypto".
"Elon Musk and Tesla Motors proudly bought $1.5B worth of Bitcoin for around $34K in Feb. Elon comes out this week and says BTC mining is bad for the environment and they dump their bitcoin for an estimated $804M in profits (but he's still pushing dogecoin, a useless s**tcoin)," Slater said.
"So a guy who owns an energy company doesn't understand this stuff before he buys it? Has no problem taking the profits. Does he have an issue with kids mining cobalt in the Democratic Republic of Congo to build batteries?
"He could probably address and potentially help solve the real energy issues (68 per cent of the energy produced in the US, for instance, is wasted... seems like a bigger issue to me which would solve any BTC problem).
"I think Elon's board and backers hate crypto and what it's doing for the average investor and pressured him to put out a statement which they knew would inevitably tank bitcoin. I hope the SEC is taking a good look at this (and all of them who might be buying the dip today and this week in their private accounts).
"Interesting times. But Elon is bad for crypto."
News of Musk's announcement has seen the price of cryptocurrency, especially bitcoin, take a massive hit.
And it has been rumoured that Tesla could completely dump its shares in bitcoin altogether.
"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," the billion-dollar company said in a statement.
"Tesla will not be selling any bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.
"We are also looking at other cryptocurrencies that use (less than 1 per cent) of bitcoin's energy/transaction."