- "Tesla (NASDAQ:TSLA) has suspended vehicle purchases using Bitcoin (BTC-USD)," tweets company CEO Elon Musk."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."
- He adds that cryptocurrency is a good idea, but its use cannot come at a great cost to the environment.
- He further adds that Tesla won't be selling any of its Bitcoin stash, and plans to begin re-using for transactions once mining transitions to more sustainable energy. He also says Tesla is looking into other cryptos that use only a fraction of Bitcoin's energy.
- Bitcoin has tumbled to the day's low, now at $52.7K. The news could be seen as bullish for something like Ethereum (ETH-USD) - which uses less energy-intensive proof-of-stake, rather than Bitcoin's proof-of-work. It's well off its session high, but flat for the day at $4,120.