Tesla announced on Wednesday it is no longer accepting vehicle purchases with Bitcoin. CEO Elon Musk made the announcement on Twitter below, citing the concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Tesla says it will “not be selling any Bitcoin”, noting they will use the cryptocurrency when “mining transitions to more sustainable energy.”
Back in March, Tesla started to accept Bitcoin for vehicle purchases. Tesla disclosed earlier in the year it had invested $1.5 billion in Bitcoin, then during its Q1 earnings said it had sold some of its Bitcoin to earn $272 million in proceeds.
“We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy/transaction,” said the statement from Tesla.
…developing, more to follow