GNB Desk- Billionor and Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using bitcoin.
In a tweet, Musk said the decision comes due to concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
The price of bitcoin dropped about 5% immidately after Musk’s announcement on Wednesday.
Here was Musk’s full announcement:
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Musk also conducted a Twitter poll on Tuesday, asking his followers on whether or not Tesla should start accepting Dogecoin. More than 78% voted on Dogecoin.
On March 24, Musk first announced that Tesla would accept bitcoin for purchases inside the U.S. At that time, the company said it would start accepting bitcoin as a payment method for its products.
Support for cryptocurrency from Tesla contributed to the prices of cryptocurrencies, including bitcoin and dogecoin, skyrocketing in recent months.
Fellow billionaire and Dallas Mavericks owner Mark Cuban replied to Musk’s tweet Wednesday, saying the Mavericks would continue to accept Bitcoin and other forms of cryptocurrency, citing that “replacing Gold a store of value will help the environment.”
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