Bitcoin fell from a daily high of £39,000 to around £37,190 in the immediate aftermath of the Tesla CEO’s tweet.
Earlier this year, Tesla purchased billions of dollars worth of Bitcoin before Elon Musk announced this year that Tesla has cancelled all vehicle purchases with bitcoin, which automatically led to crashing in cryptocurrency.
A statement made by the CEO on Twitter, “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”, the electric car company CEO tweeted.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a 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
The stunning news emerges online after Elon Musk who is prominently an advocate for the use of cryptocurrency throughout the year declared openly that Tesla is opting out of Bitcoin transactions. According to him in March, he tweeted “You can now buy a Tesla with Bitcoin.” and also changed his Twitter bio to “#bitcoin”, alongside its “B” symbol.
Although he further clarifies that the money with Tesla would remain as cryptocurrency, instead of converting it into a fiat currency such as dollars.
“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” he furthered in another tweet. “Pay by Bitcoin capability available outside the US later this year.”