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Tesla boss Elon Musk is a poster child of low-carbon technology. Yet the electric car maker’s backing of bitcoin could turbo-charge global use of a currency that’s estimated to cause more pollution than a small country every year.

Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.