Tesla Won't Accept Bitcoins For Car Purchase

Tesla CEO Elon Musk recently confirmed that the company will not be accepting bitcoins for a car purchase. This option has been suspended over climate concern and the rapid use of fossil fuels.

Musk on Twitter shared that, Tesla has suspended vehicle purchases using bitcoin out of concern over the rapidly increasing use of fossil fuels for bitcoin mining. The announcement shook the market as bitcoin’s price saw a significant drop of 5%.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement shared by Musk on Twitter.

He further added that “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use