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Tesla To Suspend Bitcoin For Vehicle Purchase: Elon Musk


Founder Elon Musk announced Tesla to Suspend Bitcoin for the purchase of its electric vehicles. Elon Musk raised concerns on the large amount of electricity used to mine Bitcoin which is generated through an environmentally damaging fossil fuel like coal and the main reason behind Tesla to suspend Bitcoin.

 

Following this move of Tesla to suspend Bitcoin, the price of Bitcoin plunged by more than 11 percent, which is now trading at $50,000, down from $54,0000.

 

Tesla had first announced in February this year that it would start accepting Bitcoin as a mode of payment for its electric vehicles. The company had then announced that it has already bought $1.5 billion worth of this cryptocurrency.

 

In a tweet, Elon Musk said Tesla would suspend Bitcoin as this cryptocurrency was being mined through the use of a fossil fuel like coal, which has its own ramifications on the environment.

Elon Musk did not discount the use of any other cryptocurrencies, including Bitcoin, but noted that they will look at the environment assessment before taking any decision.

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