Tesla will stop using Bitcoin as a form of payment over concerns of the cryptocurrency’s impact on fossil fuels, CEO Elon Musk tweeted on Wednesday afternoon.
“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,” Musk tweeted.
The change comes nearly two months after Musk announced Tesla would accept the cryptocurrency as payment. The price of Bitcoin dropped as low as 4.92% nearly 45 minutes after Musks’ announcement.
Musk added that the electric car company would not be selling Bitcoin and will look into other cryptocurrencies that use less than 1% of Bitcoin’s energy. “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.”
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The CEO has been an advocate for using cryptocurrency, promoting the use of Bitcoin and dogecoin, but last week tweeted, “Cryptocurrency is promising, but please invest with caution!”
He spoke about dogecoin when he hosted “Saturday Night Live” this past weekend, which resulted in its stock dropping during the episode.
Dallas Mavericks owner Mark Cuban responded to Musk’s comments, saying his franchise will continue to use Bitcoin, “because we know that replacing Gold as a store of value will help the environment.”
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