Published On: Wed, May 12th, 2021

Tesla: Bitcoin price drops after Elon Musk announces suspension of crypto payments | City & Business | Finance


Elon Musk suspended the world’s most popular cryptocurrency over fears about its fossil fuel usage. Shortly after the announcement, Bitcoin’s price dropped sharply by around $2,000.

In a Twitter post, Mr Musk said: “Tesla has suspended vehicle purchasing 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.”

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