Recently, electric vehicle company Tesla announced plans to suspend Bitcoin as a means of payment. The decision represented a sudden reversal, as the firm initially decided to accept the cryptocurrency less than two months earlier.
Tesla Cites Environmental Concerns
Musk’s announcement indicated that Tesla chose to suspend payments due to the fact that Bitcoin mining consumes large amounts of energy.
“We are concerned about rapidly increasing use of fossil fuels for transactions,” Musk’s statement read. “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment.”
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