Tesla refuses to accept bitcoin over environmental concerns
Electric car maker Tesla has refused to accept the corrupt currency bitcoin. After which the price of bitcoin has come down.
Elon Musk, CEO of SpaceX and Tesla, a company that launches commercial space flights, made the announcement on his Twitter account. “Due to environmental concerns, we have stopped accepting bitcoins for payments and now consumers cannot buy Tesla with the help of bitcoins,” he tweeted.
“Bitcoin” invisible coin
Bitcoin’s price fell more than 10 percent after Elon Musk’s tweet, while Tesla’s share price also fell. Tesla announced in March this year, despite opposition from some environmentalists and investors, that Tesla’s cars could now be bought with the help of bitcoins.
Just a month earlier, Tesla had revealed that it had bought 1.5 billion worth of bitcoins. However, after Elon Musk’s tweet, Tesla has returned to its degree.
“We have concerns about the increasing use of conventional fuels (fossil fuels), especially coal, in bitcoin mining and transactions,” Elon Musk wrote in a tweet. “Corrupt currency is a good idea, but it cannot be harmed by the environment.
“Tesla will not sell its bitcoins, and we intend to use them until its mining shifts to more sustainable energy,” he added.