Billionaire Elon Musk has officially announced that his Tesla vehicle company will no longer accept Bitcoin (BTC) as a means of payment.
Tesla won’t accept any more bitcoin
In a tweet posted on the night of Wednesday May 12, Elon Musk noted that Tesla will no longer accept Bitcoin due to the use of fossil fuels for mining and transactions:
“Tesla has suspended vehicle purchases with Bitcoin. We are concerned about the increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. “
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At the same time he argued that he believes in the future of cryptocurrencies but, in his opinion, cannot have a great cost to the environment:
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.
Tesla will not sell Bitcoin and we intend to use it for transactions as mining transitions to more sustainable energy. We are also looking for other cryptocurrencies that use <1% of Bitcoin's energy / transaction. ”
Elon Musk and Twitter
Tesla and its short relationship with Bitcoin
BeInCrypto reported on March 24 that Elon Musk had announced via Twitter that Tesla would accept Bitcoin as a payment method.
The well-known cryptocurrency lover tweeted that “Now you can buy a Tesla with Bitcoin”. The tweet immediately went viral, with more than 15,000 retweets in a matter of minutes.
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Musk and his “abnormal” impact on Twitter
Elon Musk has been known in recent months for being an active character on Twitter in terms of cryptocurrencies.
Last February BeInCrypto reported that Tesla CEO tweets lead to ‘abnormal returns’ for BTC and DOGE according to study published by published by Blockchain Research Lab.
On Sunday, May 9, meme cryptocurrency Dogecoin suffered a huge price drop following Elon Musk’s appearance as a guest on Saturday Night Live.
Impact on the price of Bitcoin
Bitcoin had had a relatively stable last week. On May 6, BTC hit $ 58,000, and it had hovered in the rough $ 57,000 range.
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According to CoinMarketCap data, Bitcoin, after a sharp 9% drop in 24 hours, is currently trading at $ 52,400.
The post Elon Musk rejects Bitcoin as a means of payment at Tesla and BTC plummets was first seen on BeInCrypto.