Tesla has suspended bitcoin payment for its electric vehicles, Bitcoin price dumps $9,000 in response
In a tweet on Wednesday, Elon Musk says that Tesla would no longer accept payments in Bitcoin, citing concerns over “rapidly increasing use of fossil fuels for Bitcoin mining.”
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Musk tweeted, adding:
“We are also looking at other cryptocurrencies that use <1% of Bitcoin’s transaction/energy.”
Tesla first announced that it bought $1.5 billion worth of bitcoin back in Q1 2021. In March, the company revealed that U.S. customers could pay for a Tesla with bitcoin.
Following Tesla’s news, the price of bitcoin took an immediate hit, shedding $9,000 in less than 1 hour. Bitcoin was trading at nearly $55.000 and plunged below $47,000 in a matter of minutes following Musk’s tweet.
- Tesla Sold Some Of Its Bitcoin Stash In The First Quarter For $272 Million In Proceeds
- Why Among So Many Coin Projects, Tesla CEO, Elon Musk Decided To Choose DOGE And Push The Dogecoin Price Pump?