Elon Musk causes bitcoin crash announcing Tesla cars can no longer be bought with cryptocurrency

Elon Musk has announced that Tesla has suspended vehicle purchases using bitcoin, resulting in the cryptocurrency crashing.

“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”, the electric car company CEO tweeted.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a 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

The unexpected news comes after Mr Musk has been a prominent advocate for the cryptocurrency throughout the year. In March, the chief executive tweeted in the middle of the night US time: “You can now buy a Tesla with Bitcoin.”

He went on to clarify that Tesla would keep the money received as cryptocurrency, rather than converting it into a fiat currency such as dollars.

“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” he said in another tweet. “Pay by Bitcoin capability available outside US later this year.”

Mr Musk announced his support for the cryptocurrency in January this year, after changing his Twitter bio to “#bitcoin”, alongside its “B” symbol. In January, bitcoin was worth around $30,000 and $40,000, and was worth $57,000 by March – meaning Tesla had made between $630 million and $1.35bn from its investment.

READ  EOS Falls 10.50% In Selloff

More follows…



Please enter your comment!
Please enter your name here