Elon Musk Says Tesla Is Suspending Bitcoin Payments, Investors React

Elon Musk Says Tesla Is Suspending Bitcoin Payments, Investors React

- Elon Musk has announced that Tesla will no longer be accepting Bitcoin payments as a result of growing environmental concerns

-Bitcoin stock value fell by thousands of dollars in the minutes just after Musk's announcement

- The billionaire says Tesla will hold on to its Bitcoin funds until such time the company chooses a greener approach to business

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Billionaire Elon Musk has said his multi-billion-dollar company, Tesla, will no longer be accepting payments in Bitcoin. This amid growing concerns that mining of the popular cryptocurrency may have detrimental effects on the environment.

Taking to his personal Twitter account, Musk expressed concerns over the increased use of fossil fuel to mine Bitcoin. The stock fell by thousands of dollars just minutes after Musk posted his tweet.

Elon Musk Says Tesla Is Suspending Bitcoin Payments, Investors React
Elon Musk says Tesla is suspending Bitcoin payments. Images: Getty
Source: Getty Images

He writes:

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"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."

Musk did however make it clear that he had no intention of selling off any Bitcoin already owned, instead saving the currency for a time when the coin might transition to a more environmentally-friendly form of mining:

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy."

The vehicle and clean energy company is known for taking a strong stance on environmental issues, only manufacturing non-polluting battery cars.

Users took to the comments section to share their thoughts on the billionaire's sudden decision. Although some agreed with the company's stance, most found the choice abrupt and unnecessary.

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Check out some comments below:

@michael_saylor:

"Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered."

@PrestonPysh:

"Uh-oh. Did someone get yelled at by the government who pays you massive subsidies so you can stay in business each quarter?"

@tradingview:

"Wow."

@kittyhouseknife:

"I feel like I don’t understand how Bitcoin works now if it’s being mined for... because I thought it was digital currency, someone please explain."

@shdwbnkr:

"This argument is complete nonsense."

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Briefly News previously reported that while it is not every day you see a Tesla, sighting one trying to avoid a pothole could be quite hilarious.

A Twitter user, @Shutabug, stirred massive reactions online when he shared a photo of the electric car driving around a puddle-filled crater in upper Africa. Many tweeps said the driver was only applying wisdom so he does not spoil the car and have to have it sent to the US for repairs.

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There were also people who said that the design of the vehicle is not suited for the African continent.

Briefly News compiled some of the reactions below:

@TruthNortherner said:

"@elonmusk Nigerians will spoil this car for you. Please stop them."

@Kingful_1 said:

"Avoiding pothole make the car for no go shock the owner... This is Nigeria anything can happen."

@mister_munkey said:

"Pothole could consume like 2000mAh."

@Mobolajithannii said:

"If that car enter the hole with force. E go get wiring problem."

@ajose007 said:

"This person sef get mind carry Tesla go ketu."

@KeengTobbie1 said:

"Make electric car no go turn electric chair, na Wasiu electrician go con rescue am."

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Source: Briefly News

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