June 22, 2021

After months of hyping bitcoin, Elon Musk suddenly says Tesla will stop accepting it

“We’re involved about quickly rising use of fossil fuels for Bitcoin mining and transactions, particularly coal, which has the worst emissions of any gas,” Musk mentioned in a be aware posted on Twitter Wednesday. “Cryptocurrency is a good suggestion on many ranges and we consider it has a promising future, however this can’t come at nice value to the surroundings.”
Tesla didn’t instantly reply to questions concerning the transfer, together with what number of autos have been bought with bitcoin and whether or not Musk was beforehand unaware of its environmental affect.
The worth of a bitcoin, which continues to be at greater than $50,000, slumped 4.5% following Musk’s tweet, in accordance with cryptocurrency information web site Coindesk.
Tesla (TSLA) and Musk have appeared pretty bullish on bitcoin for at the least a couple of months, with the corporate disclosing in February that it had invested $1.5 billion in bitcoin and floating the power to purchase its automobiles utilizing the cryptocurrency. Musk tweeted in late March that individuals “can now purchase a Tesla with Bitcoin.”

Musk, who has prior to now expressed skepticism about cryptocurrencies, mentioned in an interview on social app Clubhouse earlier this yr that he thinks bitcoin is on the verge of “getting broad acceptance by typical finance individuals.” He mentioned he ought to have purchased the digital foreign money eight years in the past.

On Wednesday, Musk mentioned Tesla nonetheless plans to make use of bitcoin after the foreign money finds cleaner power sources.

“Tesla is not going to be promoting any Bitcoin and we intend to make use of it for transactions as quickly as mining transitions to extra sustainable power,” he mentioned. “We’re additionally different cryptocurrencies that use <1% of Bitcoin’s power/transaction.”

Bitcoin is not the one cryptocurrency Musk has touted in current weeks. He has additionally repeatedly hyped the canine-themed dogecoin, tweeting about it to his 54 million followers and even sending its worth crashing when he performed a personality on “Saturday Evening Dwell” who known as the foreign money a “hustle.”
Musk’s final tweet earlier than his Wednesday bitcoin about-face was a ballot asking followers in the event that they needed “Tesla to just accept Doge.”

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