Bitcoin Falls as Musk Says Tesla (TSLA) Will Suspend Vehicle Purchases Using Bitcoin, Citing Use of Fossil Fuels in Mining

May 12, 2021 7:25 PM EDT

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Bitcoin prices fell nearly 8% after Elon Musk said Tesla (NASDAQ: TSLA) has suspended vehicle purchases using Bitcoin.

Musk said they are concerned about the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal..."

Musk said the company will not be selling any Bitcoin and intend to use it in transactions as soon as mining transitions to more sustainable energy.

They will also look at other cryptocurrencies that use <1% of Bitcoin's energy/transaction.

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