Tesla stops taking bitcoin, cites fossil fuel use in ‘mining’ cybercurrency – Reuters

tesla bitcoin fossil fuel mining
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Tesla stops taking bitcoin, cites fossil fuel use in ‘mining’ cybercurrency – Reuters

Tesla Inc (TSLA.O) 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.

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.

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