On Wednesday, Musk’s announcement that US electric car giant Tesla would no longer accept Bitcoin as a payment for its electrical vehicles due to environmental factors led to the cryptocurrency to take a deep dive.
On Friday evening, the value of Bitcoin stood at around $50,000 (£36,000), after sitting at around $56,000 on Wednesday before Tesla’s announcement.
Musk’s revelation, which followed months of him boasting of his and Tesla’s investment in Bitcoin, initially saw the coin’s price plunge wipe off an estimated $365 billion from the entire cryptocurrency market.
Tesla had bought about $1.5 billion worth of Bitcoin back in February around the time it announced it would accept the coin as payment, according to a Securities and Exchange Commission filing.
But despite his announcement, it was recently revealed that Tesla had sold $272 million (around £192 million) worth of Bitcoin in the first business quarter of 2021, making up $101 million of the company’s overall Q1 earnings.
Musk’s Gulfstream G650ERwas built in 2015, with Musk receiving it in 2016. The ‘ER’ stands for Extended Range, meaning it can travel long distances without stopping.
His net worth also took a nosedive this week after he said that the Tesla would no longer accept Bitcoin payments, and also after he said Bitcoin’s rival cryptocurrency ‘Dogecoin’ was a ‘hustle’.
Tesla holds around $1.3 billion in Bitcoin – so as Bitcoin dips, the value of Tesla also can be dented: Musk’s net worth, tied up in Tesla stock, also then is affected.
Despite the massive loss, Musk still stands as the third-richest person on earth, ahead of Microsoft cofounder Bill Gates, whose fortune stands at an estimated $127.6 billion, Forbes estimates.
Bitcoin, the world’s biggest digital currency, has surged five-fold in the past year alone. The rise comes amid an increasingly fraught debate over the environmental costs of the world’s most popular cryptocurrency.
Crypto is ‘mined’ by high-powered computers that require huge amounts of energy to continuously solve computational math puzzles. With each solved problem, a certain amount of coin is produced. While the machines use electricity, fossil fuel is a major category in electricity generation.
Environmentalists argue that the creation of the cryptocurrency may harm efforts to limit global warming.
The rising price of Bitcoin in the last two years has resulted in carbon emissions increasing by more than 40 million tons, a BofA Securities report said. That rise is the equivalent of 8.9 million additional cars on the road.
That same reported noted Bitcoin’s energy consumption is comparable to that of major US corporations like American Airlines or even the US government.
‘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.
‘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 <1% of Bitcoin’s energy/transaction.’
His abrupt U-turn shocked some investors because of the CEO’s heavy investment in the coin, despite growing concerns over its potential impact on climate change.
They argued that Musk, who has marketed himself as a clean energy champion, surely would have done his diligence before making such a heavy crypto investment
Echesa, Mumias OCS in brawl over woman at night club
Former Sports Cabinet Secretary Rashid Echesa was on Thursday involved in a brawl over a woman in Mumias East sub county.
It was reported by Rajab Munyendo that while they were drinking, someone touched a woman who was in the company of the OCS inappropriately.
During the commotion, Munyendo’s Mercedes-Benz which is white in colour was maliciously damaged by the OCS.
Munyendo also alleges that he lost Sh77,000 during the incident.
Police are investigating the incident.
Echesa has in the past been charged with conspiracy to commit a felony.
He is accused of conspiring to make a document with intent to defraud in the multibillion-shilling fake arms deal.
The former CS has been charged alongside Daniel Omondi alias General Juma, Clifford Onyango, Chrispine Oduor and Kennedy Mboya with six counts of making a false document.
They are also alleged to have obtained Sh11.5 million from Kozlowski Stanley Bruno by purporting that they would award him a tender to supply military equipment.
This act led to a brawl between the two groups.
Xtian Dela & girlfriend Fatma Banj welcome their first child together.
YouTuber, blogger and budding politician Aurther Mandera popularly known as Xtian Dela is expecting his first child with his girlfriend Fatma Banj.
The safe delivery of Ms Banj come months after the couple went public with their pregnancy.They shared photos on instagram from their pregnancy shoot, after keeping the pregnancy a secret for a couple of weeks.
Xtian expressed his love for Fatma and poured out his heart to her with a message filled with love, while expressing the changes he has undergone during the time they have been together.
The Blogger in a long post said:
“ Can’t believe it’s already 7 months down the line. You have CHANGED me a LOT @fatmah_banj. You’ve given me happiness, given me peace, made me laugh, cry, smile, challenged me mentally and business-wise, you’ve become a true BEST friend and now you’ve given me the best gift a man can ask for… You’ve made me a DAD.
I’ve turned a new leaf. Clean shave, more mature and focused thanks to YOU. I’ve let go of all my negative old ways. Apologies to ANYONE I’ve wronged in the past. Starting a new chapter focusing on FAMILY and POLITICS. I MUST make Westlands and Kenya BETTER for my baby.”
The blogger went on to apologize to all the people he has ever wronged saying he is a changed man whose focus will be on family and politics.
He noted that he is optimistic of clinching the Westlands parliamentary seat come 2022.
Sudan protesters demand military coup as crisis gets worse
On Saturday, pro-military demonstrators chanted “down with the hunger government” and called for General Abdel Fattah al-Burhan, head of the armed forces.
“We need military government, di current government don fail to bring us justice and equality,” one protester tells AFP.
Unlike previous demonstrations for di kontri, dem allow protesters to reach di gates of di presidential palace and little police presence na im bin dey.
Pro-government protesters don also call for rallies on Thursday in response to Saturday demonstrations.
On Friday evening, nearly a month after a failed coup, Prime Minister Abdallah Hamdok denounced “deep divisions” between civilians and military but also within these two blocks. He also declared that the transition was going through its “most dangerous” crisis, saying that the path to democracy was threatened.
Around him, pick-ups are dropping off new waves of protesters, some of whom are chanting “One army, one people”, while the security forces have blocked many of the capital’s main roads since the morning.
“There is no stability and life is too expensive,” said the 50-year-old man, whose country, one of the poorest in the world, is caught between inflation approaching 400% and an austerity decreed by the International Monetary Fund (IMF).
For their opponents, Saturday’s demonstrators are supporters of the former deposed regime. Supporters of a complete transfer of power to civilians have already called for “a demonstration of one million people” on Thursday.
Sudan’s prime minister on Friday announced a series of steps for his country’s transition to democracy less than a month after a coup attempt rocked its leadership.
In a speech, Prime Minister Abdalla Hamdok called the coup attempt an ‘alarm bell’ that should awaken people to the roots of the country’s political and economic challenges.
Authorities announced the coup attempt by a group of soldiers on September 22, saying that it had failed.
They blamed supporters of the country’s former autocrat Omar al-Bashir for planning the takeover.
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