Tesla no longer accepts Bitcoin payments

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Electric car manufacturer Tesla stated that it will no longer accept Bitcoins as a means of payment for its vehicles, citing environmental concerns

Tesla CEO Elon Musk announced yesterday that the company will no longer accept Bitcoin (BTC) as a means of payment for its electric cars and based this decision on the environmental impact of the cryptocurrency.

Musk said in his Tweet: „We are concerned about the rapidly increasing use of fossil fuels for Bitcoin Mining and transactions. This is especially true for coal, which causes the worst emissions of all fuels.”Cryptocurrencies are useful in many ways, but should not be at the expense of the environment, Musk said in his statement.

Although Tesla no longer accepts Bitcoins, the company wants to keep its Bitcoin holdings. „Tesla will not sell Bitcoin, but will use it for transactions once mining moves to a more sustainable form of energy.”In this context, the company said that it is now looking at other cryptocurrencies that use less energy than Bitcoin.

Only in March, the electric car manufacturer BTC as payment option a, after he had announced a month earlier in a report of the Securities and Exchange Commission (SEC) that he had bought Bitcoins worth 1.5 billion US dollars.

Tesla remains one of the leading companies that own Bitcoin. Last month, the company announced in its quarterly report that it had sold $ 272 million worth of Bitcoin. Despite this, the company still owns $ 2.48 billion worth of Bitcoin, as it has made profits from the $ 1.5 billion it bought earlier this year.

Other institutional Bitcoin buyers include MicroStrategy, Square, Meitu, Nexon and a few others. Bitcoin has become a potential hedge against inflation for investors as many central banks around the world are printing money to ease the pandemic-hit economy.