Elon Musk, the Founder and Chief Executive of Tesla Inc. (NASDAQ:TSLA) has announced that the company will stop accepting bitcoin as payment for car purchases. In a tweet, Musk cited concerns about the “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,” Musk wrote.
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However, Musk clearly stated that “Tesla will not be selling any Bitcoin,” and that the company “[intends] to use it for transactions as soon as mining transitions to more sustainable energy.” He also said that Tesla would be looking at “other cryptocurrencies” that use less than 1% of Bitcoin’s energy consumption.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021