FT News Briefing Why Elon Musk is focusing on bitcoin’s fossil fuel issues
May 14, 2021
Airbnb reports a solid revenue bounce-back as travel preferences shift post-pandemic. Meanwhile, Netflix grapples with industry competition and the challenges of becoming a defensive player. Elon Musk stirs the crypto world by halting Tesla's Bitcoin acceptance, citing the environmental toll of cryptocurrency mining. This move raises urgent discussions about energy consumption in the crypto industry and its broader implications for sustainability.
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Airbnb's Comeback
- Airbnb's Q1 2021 revenue exceeded pre-pandemic levels, driven by travel outside cities.
- They expect further growth as business travel returns.
Netflix on the Defensive
- While the pandemic boosted streaming, Netflix's growth has slowed, increasing competition.
- Netflix CEO Reed Hastings blames the pandemic and a weak content slate, expecting growth to return later this year.
Bitcoin's Dirty Secret
- Bitcoin's energy consumption has been a known issue, but Musk's stance brought it to wider attention.
- This is a pivotal moment for the crypto industry to address its environmental impact.