Bitcoin saga : Facebook announces cryptocurrency Diem, Musk distances from 'hustle'

Days after Elon Musk announced that his company will not be accepting bitcoins as a mode of payment for Tesla cars, Facebook has announced the launch of its own cryptocurrency, Diem in 2021. Intended to revolutionize the fintech space, the project, formerly named Libra, will make money transfer as seamless as sending photos. However, this announcement by the messaging behemoth comes at a time when Musk, a vocal cryptocurrency proponent, tweeted that his company Tesla will not accept bitcoins due to the insane energy consumption trends registered in bitcoin mining. With a billion-strong user base Facebook already commands and backed by cash, government securities, and the like, Diem is likely to change the face of cryptocurrency. It will be launched in two sets- a multi-currency coin and one with a specific face value on Dollar and Euro. More importantly, the transfer fee will be cheap, attracting greater people and volume towards the currency. However, there is no word on the ecological concerns this elicits, as addressed by Musk. Environmental Concerns for BitcoinWhile Tesla clarified that it will also not be selling all of its existing bitcoin holdings, it was hard not to notice the market frenzy after his tweet.  Bitcoin’s value tumbled to…
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