Elon Musk goes back on taking bitcoin for Tesla cars, cites climate concerns
Bitcoin, the world s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669
Reuters | May 13, 2021 | Updated 08:17 IST
Tesla Inc has suspended the use of bitcoin to purchase its vehicles because of climate concerns, Chief Executive Officer Elon Musk said in a tweet on Wednesday, reversing the company s stance in the face of an outcry from some environmentalists and investors.
Bitcoin, the world s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669. Tesla Inc revealed in February it had bought $1.5 billion of bitcoin, before it began accepting it as payment for cars in March, driving a roughly 20% surge in the world s most widely held cryptocurrency.
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Tesla Inc will no longer accept bitcoin for car purchases, Chief Executive Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.
Bitcoin fell more than 10% after Musk tweeted his decision to suspend its use, less than two months after Tesla began accepting the world’s biggest digital currency for payment. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asia trade.
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Musk halts use of bitcoin for Tesla cars over climate concerns
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By Hyunjoo Jin and Kanishka Singh
May 13, 2021 â 1.27pm
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Tesla will no longer accept bitcoin for car purchases, chief executive Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the companyâs position on the cryptocurrency.
Bitcoin fell more than 10 per cent after Musk tweeted his decision to suspend its use, less than two months after Tesla began accepting the worldâs biggest digital currency for payment. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asia trade.