Could Elon Musk’s Bitcoin U-turn destroy the cryptocurrency market?

Is it possible the Tesla founder’s volte-face on environmental grounds will prove a turning point for the broader crypto market? Ben Chu investigates

Eliminating cryptocurrencies might not be straightforward, even if national authorities were so minded (Getty)

Elon Musk performed a neck-snapping U-turn on Bitcoin this week.

Earlier this year the world’s second richest man declared himself a true believer in the merits of the cryptocurrency and ploughed hundreds of millions of dollars of Tesla’s spare cash into the digital tokens.

Tesla also announced that it would accept payment for its electric vehicles in Bitcoin, prompting a surge in its traded price as users and speculators sensed a mainstream breakthrough moment for the cryptocurrency.