Tesla to suspend Bitcoin over Climate Change issues for long term Sustainability

The Bitcoin markets are diminishing after Tesla revealed that it will no longer support BTC-based vehicle payments.

Tesla CEO Elon Musk voiced his company’s concerns about the “rapidly growing usage of fossil fuels for Bitcoin mining as well as transactions, especially coal” in a May 13 tweet.

Though Musk believes that cryptocurrency “has a lot of potentials,” he also thinks that the development of digital assets “cannot be good for the planet.”

However, the company has not eliminated the possibility of accepting BTC there in long term, claiming in a blog post that it will commence using Bitcoin “for transactions as soon as mining transitions to more renewable energy sources.” Musk revealed.

The Bitcoin markets are diminishing after Tesla revealed that it will no longer support BTC-based vehicle payments.

Tesla CEO Elon Musk voiced his company’s concerns about the “rapidly growing usage of fossil fuels for Bitcoin mining as well as transactions, especially coal” in a May 13 tweet.

Though Musk believes that cryptocurrency “has a lot of potentials,” he also thinks that the development of digital assets “cannot be good for the planet.”

However, the company has not eliminated the possibility of accepting BTC there in long term, claiming in a blog post that it will commence using Bitcoin “for transactions as soon as mining transitions to more renewable energy sources.” Musk revealed.

Environmentalists have slammed Bitcoin, a proof-of-work (PoW) cryptocurrency that runs on energy-intensive mining units, as that price has soared to all-time highs. Ethereum, the second-largest cryptocurrency by market cap, uses PoW as well but is transitioning to proof-of-stake. Tesla’s move paves the way throughout the race to sense and respond to bitcoin-away fossil fuels. In early 2021, the corporation finally embraced bitcoin, marking a pivotal moment to incorporate bitcoin adoption. Tesla’s reversal of climate change is bound to fuel the public and then even pressure towards reform in the world’s largest cryptocurrency.

With a $272 million sale disclosed in the most significant earnings release, Tesla put this bitcoin market to scrutiny.

Bitcoin’s price has fallen nearly 6% throughout the last 24 hours, with a price dip of around $2,000 after Musk’s statement.