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Crypto News

Elon Musk says Tesla will stop accepting bitcoin for car purchases, citing environmental concerns - CNBC

MAY 12, 2021

KEY POINTS

  • Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly increasing use of fossil fuels for Bitcoin mining,” according to a tweet from CEO Elon Musk on Wednesday.

Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly increasing use of fossil fuels for Bitcoin mining.”

In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of Bitcoin and it may invest in more of Bitcoin or other crypto currencies in the future.

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.


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