Tesla No Longer Accepts Bitcoin as a Payment Method

In belatedly March, Tesla's Elon Musk announced that the company accepts Bitcoin as a payment method for customers in the United States. Musk, however, has now taken to Twitter to backtrack on this program. He has now revealed that the company has stopped accepting Bitcoin equally payment for its electric cars.

Tesla No Longer Accepts Bitcoin

In the argument shared on Twitter, Musk cites ecology concerns for this conclusion. "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," reads the statement.

Tesla clarified that it will non sell its Bitcoin and is planning to employ information technology for transactions when 'mining transitions to more sustainable free energy.' In example you lot're out of the loop, Tesla bought Bitcoin worth $1.5 billion earlier this year in February. Musk also hinted that the visitor is looking at other cryptocurrencies that utilize less than 1 percent of Bitcoin's energy/ transaction.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

To no ane'due south surprise, Bitcoin'southward price dropped significantly after the tweet. The dip went as low every bit $46,294.72 when compared to the 24h high of $57,283.87, co-ordinate to Coindesk. However, the price has already started recovering as of this writing. Those familiar with candlestick charts tin can bank check out TradingView's tweet beneath for a better perspective:

Wow. pic.twitter.com/jAAmmmFJtl

— TradingView (@tradingview) May 12, 2021

The development comes just a couple of days after Elon Musk posted a poll asking his followers if they want Tesla to accept Dogecoin. On a like note, Dogecoin's cost dropped when Elon Musk jokingly called it a 'hustle' earlier this week on NBC'due south Saturday Night Alive.