Mark Cuban, the billionaire investor who owns the Dallas Mavericks and several other companies, has continued his feud with Tesla and SpaceX CEO Elon Musk by claiming his team’s nightclub will continue accepting crypto in spite of Mr. Musk’s recent comments on the matter. Cuban, who has previously called Mr. Musk “super rich and super boring” on Twitter, tweeted yesterday that his employees know better than to listen to “the ramblings of a rich, bored man”.
Mark Cuban has always been a maverick of the tech world. He was one of the first to accept cryptocurrency in his businesses and he is an outspoken critic of the SEC’s recent decision to reject the Winklevoss Bitcoin ETF. Now, Cuban is speaking out again, this time against Tesla CEO Elon Musk over his recent criticism of cryptocurrency.
Billionaire investor Mark Cuban will not follow in the footsteps of Tesla CEO Elon Musk by refusing to support bitcoin (BTC) payments.
On Wednesday, the owner of the Dallas Mavericks responded to Musk on Twitter, sharing that the Mavs will continue to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) as payment for tickets and fan merchandise.
We at https://t.co/VUydpLFzGh will continue to advocate for BTC/Eth/Doge because we know that replacing gold as a store of value is good for the environment https://t.co/bs7NvnJY8A and https://t.co/ELhbuLOBRV reducing the use of big banks and coins is good for society and the environment https://t.co/zu08F0STEQ.
– Mark Cuban (@mcuban) May 12, 2021
We know that replacing gold as a store of value is good for the environment, says Cuban, who adds: Reducing the use of large banks and currencies benefits society and the environment.
On Wednesday, Musk issued a statement saying Tesla will no longer accept payments in bitcoins due to the carbon footprint associated with mining them. Musk’s statement likely triggered a major market correction, with bitcoin dropping below $50,000 and the capitalization of the entire cryptocurrency market falling by more than 10%.
The Tesla CEO also reiterated his concerns about the energy consumption associated with bitcoin mining, posting a tweet Thursday morning referring to trends in energy consumption that Musk called crazy.
The trend in energy consumption over the past few months is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe
– Elon Musk (@elonmusk) May 13, 2021
The energy consumption of bitcoin mining remains a topic of debate and also a popular narrative for BTC critics, who often support the ocean colonization narrative. However, some bitcoin proponents dispute these arguments, arguing that miners are the last buyers of renewable energy producers.
Musk’s rejection of bitcoin payments for Tesla also coincides with the company’s pursuit of carbon credits. The electric car giant is one of eight companies whose applications are being reviewed by the U.S. Environmental Protection Agency, according to a Reuters report on Wednesday.
Last April, US President Joe Biden announced his goal of zero emissions by 2030, which should make the multi-billion dollar US carbon credit market even more attractive to companies like Tesla. According to financial analysis company Refinitive, the global carbon credit market is expected to grow by 20% to $272 billion by 2020.
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