Tesla has stopped accepting Bitcoin for vehicle purchases

Tesla has 'suspended vehicle purchases using Bitcoin'.

5w ago

Just last week, Elon Musk said Tesla will be accepting Bitcoin as a form of payment when purchasing a new car. However yesterday, Musk tweeted saying Tesla has "suspended vehicle purchases using bitcoin" due to "rapidly increasing use of fossil fuels for bitcoin mining."

In the tweet it said, "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."

Minutes after Musk's announcement, the price of Bitcoin dropped about 5 percent which shows just how manipulative the market can be.

The reason Tesla started accepting Bitcoin as a form of payment in the first place was because back in February, they bought $1.5 billion worth of the cryptocurrency and said they saw a future in it and as a new way of purchasing cars and other expensive goods.

It is unknown as to what Tesla and Elon Musk's next move will be, but perhaps they will reevaluate or never go back to Bitcoin ever again.

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Comments (24)

  • No one government, bank or institution can control bitcoin, it is just mathematically impossible. But what just happened is further proof of the single biggest driver of price volatility: people/entities owning large quantities of bitcoin can alter the market. Tesla bought bitcoin and said they would accept it, the price went up. Tesla sold some of its bitcoin, the price went down. Tesla said they'd stop accepting bitcoin, the price went down some more. These things have been happening for years, the difference is Tesla and Musk attract constant media scrutiny. - I've just realised this comment has very little to do with cars and more to do with bitcoin, I apologize. I'm going to go back to my bunker to look at Richard Mille watches while sipping porter beer

      1 month ago
  • I think this was some kind of PR stunt to make it look like Elon cares about the environment. I don't believe he care about anything but himself.

      1 month ago
    • *I believe he cares about nothing but himself.

        1 month ago
    • I think he does care about the environment,but not above his personal ambition (sort of like us,but he gets a lot of praise)

        1 month ago
  • Oh, now he cares about the environment all of a sudden?

    I'll wait until he says "hey, cryptocurrency miners, either use your rigs for medical research or give them away for free to gamers and desktop users".

      1 month ago
  • There’s more Crypto other than Bitcoin but the process of mining is just the same no? So I don’t get why you’d accept one form of Crypto and not another

      1 month ago
    • Different coins use different algorithms optimized for different devices, which also changes the power usage

        1 month ago
  • So Elon finally figured out that digital money is worthless….it’s about time!

      1 month ago