Tesla backpedals on accepting Bitcoin funds for automobiles

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Tesla has stopped accepting Bitcoin funds after roughly three months, citing environmental issues.

A tweet from Elon Musk states that the crypto king’s firm has suspended Bitcoin purchases over issues about “the rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”

He reiterates his help for cryptocurrency and says that he nonetheless believes it has a promising future, however he worries about the price to the setting.

At the top of his tweet, Musk says that Tesla gained’t be promoting the Bitcoin it at present owns and can maintain it till mining is extra environmentally delicate. Tesla is wanting into cryptocurrencies that use lower than one p.c of the power that Bitcoin transactions make.

Earlier right this moment, Musk tweeted a ballot asking if Tesla ought to settle for Dogecoin for funds. Tesla first began accepting Bitcoin after making a $1.5 billion USD (roughly $1.9 billion CAD) investment within the cryptocurrency in early February 2021. 

Source: @elonmusk

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Written by Gideon


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