Tesla Stops Bitcoin Payments, the Coin's Price Drops

by in Cryptocurrency News

Tesla Elon Musk Bitcoin

Today, May 13, Tesla CEO Elon Musk informed that the company is no longer allowing payments in Bitcoin. In the tweet posted by Musk, he mentioned that the reason is BTC's using a large amount of energy which is bad for the surroundings.

Related: Tesla Benefits $272 M Selling 10% of Its Bitcoins

When the coin starts using more environment-friendly energy, Tesla may resume its operations. Till then it won't sell any BItcoin. Musk also mentioned they are looking for other cryptocurrencies that use considerably lower energy.

After the news went public the BTC price dropped sharply. Currently, it trades at around $50.600.

Earlier Musk started a poll on Twitter asking people if they are in favor or against Tesla's accepting Dogecoin.

Tesla announced allowing Bitcoin payments on March 24 this year. Earlier, in February the company invested $1.5 B in the cryptocurrency. However, in April it sold 10% of the acquired amount.