Tesla will no longer accept Bitcoin, says Elon Musk

Tesla has stopped accepting Bitcoin as a payment method for its cars as the cryptocurrency contributes to a greater consumption of fossil fuels, said the company founder and CEO Elon Musk on Twitter.

The electric vehicle (EV) manufacturer started accepting Bitcoins as a payment method in late March 2021 and also invested a huge sum of $1.5 billion in the cryptocurrency.

Read more: Tesla cars can now be bought with Bitcoin.

“Tesla has suspended vehicle purchases using Bitcoin.” said Elon Musk in a statement on Twitter. “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 a great cost to the environment.” he said on Twitter.

Musk also said that Tesla will no longer sell any more of the $1.5 billion stash of Bitcoin it purchased earlier this year, however, the company plans to use the cryptocurrency in the future “as soon as mining transitions to more sustainable energy.”

Furthermore, the company is looking at other cryptocurrencies that use less energy for mining and transactions, the statement concluded.

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