Tesla stops accepting bitcoin as Musk decries its insane energy use autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.
Tesla Inc will no longer accept bitcoin for car purchases, Chief Executive Elon Musk said on Wednesday. Reuters/File
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 per cent 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.
The use of bitcoin to buy Tesla s electric vehicles had highlighted a dichotomy between Musk s reputation as an environmentalist and the use of his popularity and stature as one of the world s richest people to back cryptocurrencies.
Thursday, 13 May 2021 08:19 PM MYT
Elon Musk speaks at a news conference at the Kennedy Space Center in Cape Canaveral, Florida March 2, 2019. Reuters pic
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SAN FRANCISCO, May 13 Tesla Inc boss Elon Musk denounced the “insane” amount of energy used to produce bitcoin today, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.
Bitcoin fell more than 10 per cent after Musk, one of its most famous backers, tweeted his decision to suspend its use, less than two months after Tesla began accepting it as payment for its electric cars. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asian trade.
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