Elon Musk, CEO of Tesla, said on Twitter on Wednesday that Tesla has “suspended the purchase of vehicles with Bitcoin” amid concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining.”
In a February SEC filing, Tesla announced that it had purchased $ 1.5 billion worth of bitcoin and may invest in more bitcoin or other cryptocurrencies in the future.
At that point, the company announced it would accept Bitcoin as a payment method for its products.
Tesla’s support for cryptocurrency helped the prices of cryptocurrencies, including Bitcoin and Dogecoin, skyrocket in recent months.
Here was Musk’s full announcement via tweet:
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