Bitcoin price: Elon Musk argument ignores 'nuance' of Bitcoin derivatives - expert

Adrian Patten, co-founder and chairman of Cobalt, a critical risk and settlement infrastructure provider, acknowledged the currency's unwieldy nature.

But he said Bitcoin derivatives are paving the way for environmentally friendly decentralised transactions.

He told “While Tesla has raised legitimate concerns about the energy usage of Bitcoin, resulting in a huge dip across the digital asset market, there are some nuances the statement doesn’t take into account.

“Firstly, there has been a huge growth in the Bitcoin derivatives market, especially on the institutional side.

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