Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla Stops Accepting Bitcoin Transactions Due To Environmental Impact of Cryptocurrencies

Tesla will no longer accept payments in Bitcoin because of its effects on the environment. On Wednesday the company’s CEO Elon Musk  tweeted that Tesla has concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining.”  He emphasized that Tesla won’t sell its $2.5 billion worth of Bitcoin.

Why this Matters:  Musk’s statement has proven controversial, as it has affected cryptocurrency markets, which have shed as much as $365.85 billion in value since his tweet.

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