Tesla CEO Elon Musk tweeted on May 13 that the company will stop accepting Bitcoin (BTC) payments for its vehicle purchases, citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”  Shortly after the announcement, Bitcoin price dropped by 17% to hit a new local low at $46,000.

While Musk’s decision is a short-term blow to the sentiment of the market, it is unlikely to change the course of the crypto markets altogether because the…