What Happened: According to Musk’s tweet, the automaker is concerned about the “rapidly increasing use of fossil fuels” used for Bitcoin mining and transactions.
“Cryptocurrency is a good idea on many levels and we believe it has a prominent future, but this cannot come at great cost to the environment,” the statement reads.
What Else: Despite this decision, Tesla said it would not be selling “any Bitcoin,” as it plans to use it for transactions in the future, “as soon as mining transitions to more sustainable energy.”
The company added it is also looking at other digital currencies that use less than one percent of BTC energy.
Price Action: Bitcoin price went down minutes after the announcement. The leading cryptocurrency was trading at $52,272 at press time.
This is a developing story.
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