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 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.

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