Elon Musk, CEO of US electric car manufacturer Tesla, has just announced the company will stop allowing its clients to use Bitcoin (BTC) as a payment method.
In particular, Musk tweeted:
The company integrated BTC payments back in March, a decision that was welcomed by the crypto community due to the fact that it represented a huge step towards the massive adoption of cryptocurrencies as a means of payment.
However, the company’s decision to halt BTC payments over environmental concerns has had the opposite effect, as the price of the crypto has fallen significantly (to $47,000 last night) after the news was known.
Musk has said the company has decided to stop allowing Bitcoin payments as crypto mining is mainly based on fossil fuels, specially coal, and this is against the company’s principles.