Tesla recently suspended Bitcoin for its electric vehicles. Elon Musk informed about this from his Twitter post, yesterday.
In March, 2020, the company started accepting Bitcoin as its EV purchase. This sudden recalled with a span of just 49 days is just close to surprising and shocking.
It’s around $1.5 billion of huge investment made by the company for making this as payment option. It does not make any sense to remove the Bitcoin payment option until there is something to backup the decision.
Elon Musk said, the company have the concerned about fossil fuel emissions with the Bitcoin mining and its transactions.
According to him, increasing in the consumption of fossil fuels like coal to generate electricity is something worst kind of fuel emissions. This was against their mission to accelerate world’s transition to sustainable energy. So, this decision has been made by the automaker to stop accepting bitcoins as well as selling it.
Elon did not deny this fact the cryptocurrency is good concept. He had the concern on what it costs to the environment. He said, “We intend to use it for transactions as soon as mining transitions to more sustainable energy.”
The value of Bitcoin plunged after the Elon’s Tweet. Its value was dropped by about 8%. There was also fall down in value of Dogecoin noted. It was more than 15% decreased value recorded in Dogecoin.
This obviously shows the influence of Elon Musk in the present world. However, in his tweet, Elon said, cryptocurrencies have a promising future.
