Tesla halts Bitcoin payment method

CEO of Tesla Motors, Elon Musk

The founder of Tesla, Elon Musk, announced via Twitter that the company has decided to not accept Bitcoin as payment for its vehicles.

The reason stated for the decision is environmental concerns stemming from a rising increase in the use of fossil fuel to aid Bitcoin mining.

Tesla’s acceptance of cryptocurrencies as payment for its vehicles contributed immensely to the consistent rise in the value of cryptocurrencies like Bitcoin and Doge.

Musk also clarified that although Tesla is not accepting Bitcoin for payment, it won’t be selling the ones already in its possession.

Elon Musk’s announcement concerning Tesla’s new payment method policy had a negative effect on Bitcoin’s value, causing it to dip by 5% shortly after it was made.

It is unknown when the company will begin accepting Bitcoin as payment for its vehicles again.

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