5/13, 12:37 AM (Source: TeleTrader)
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Tesla suspends Bitcoin payments

Elon Musk announced through Twitter that Tesla Inc. suspended the use of Bitcoin for its vehicle purchases.

According to the statement, the company was "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," and while cryptocurrencies were a "good idea on many levels" and have a "promising future" they cannot come at the expense of the environment.

The statement also added that the car manufacturer won't be selling any Bitcoin, but they intend to use it when mining converts to sustainable sources of energy and that they were looking into other cryptocurrencies that "use less than one percent of Bitcoin's energy/transaction." Recently, Musk floated the idea of using Dogecoin for payments.

Breaking the News / OL