Elon Musk Called Tesla No Longer Accept Payments in Bitcoin

NEW YORK, KOMPAS.com – CEO Tesla Elon Musk said the electric car manufacturing company was no longer accepting bitcoin as a transaction tool for car purchases.

He reasoned that the use of fossil fuels for bitcoin mining and transactions had increased rapidly. This is because the bitcoin mining process requires computers with high energy resources or resources. One of the sources of energy or electricity used is coal-fired, which has the worst emissions than other fuels.

“Cryptop currency is a good idea at many levels, and we believe it has a bright future. However, this does not mean it has to harm the environment,” he said as quoted from his Twitter account, @elonmusk, Friday (14/5/2021 ).

Also read: Bitcoin Price Falls on Tesla Stocks

“Tesla will not sell bitcoin (which they own) and we will reuse it for transactions if there is a change in the mining process to a more sustainable one,” he continued.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

Musk also said that currently his party is also looking for other cryptocurrencies that use 1 percent of the energy required by bitcoin per transaction.

Reporting from CNN, the price of bitcoin slumped 12 percent after Musk’s tweet. The price of bitcoin was under pressure in the range of 49,300 US dollars per chip in yesterday’s trading.

Price cryptocurrency others, such as ethereum, also slumped by up to 14 percent, while Dogecoin was down by closer to 20 percent.

Also read: Defeating Jeff Bezos, Elon Musk Wins Contract Build Rocket from NASA

In February, the company announced that it would accept bitcoin as a means of paying for cars. The company has also invested 1.5 billion US dollars in bitcoin.

Although the company has sold around 272 million US dollars of these digital assets. Reporting from CNBC, the profit the company got from selling bitcoin was US $ 101 million and had a positive impact on Tesla’s operating profits.

Apart from Tesla, several large companies and investors have started accepting bitcoin both as an investment instrument and for diversifying company assets, as well as as a transaction tool for several payment service companies such as Mastercard.

Also read: Dogecoin Price Plunging 30 Percent Daily Due to Elon Musk?

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