Bitcoin was under pressure after Tesla (TSLA) - Get Report CEO Elon Musk tweeted that his electric vehicle company was no longer accepting payments in the digital currency because of environmental concerns.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emission of any fuel,” Musk said in a tweet late Wednesday.
Musk added that Tesla won’t be selling any of the bitcoin it holds. He said the company was looking at other cryptocurrencies that use far less energy per transaction.
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