Environment Elon Musk says Tesla will stop accepting bitcoin for car purchases, citing environmental concerns

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Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”

The price of bitcoin dropped about 5% in the first minutes after Musk’s announcement.

In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of bitcoin and it may invest in more of bitcoin or other crypto currencies in the future.

At that time, the company said it would start accepting bitcoin as a payment method for its products.

 
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Ghan

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BTC electricity usage is definitely a concern. There are other cryptos that have solved this issue by moving away from Proof of Work models. BTC probably needs to do the same.
 
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I like the new one that uses Storage space and is now triggering a storage shortage.
 
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As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin

Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin.

At around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion.

The market has since pared some losses, and by around 6.30 a.m. the cryptocurrency market had seen around $235 billion wiped off its value since Musk’s tweet. Bitcoin was down around 12% at around $49,624, according to CoinDesk data, dipping below the $50,000 mark for the first time since Apr. 24.

Despite the recent pullback, bitcoin is still up over 400% in the last 12 months.

In February, Tesla announced in a regulatory filing that it had purchased $1.5 billion worth of bitcoin and planned to accept the cryptocurrency for payments.

More here: https://www.cnbc.com/2021/05/13/bit...er-tesla-stops-car-purchases-with-crypto.html
 
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