WHY ELON MUSK SAYS NO TO ACCEPT BITCOINS
Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns.
Tesla will stop using Bitcoin as a form of payment over the concerns of the cryptocurrency's impact on fossils and fuels due to having its effect on environment . CEO Elon Musk tweeted that on Wednesday afternoon.
"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Elon Musk tweeted.
The change comes nearly two months after Musk announced Tesla would accept the cryptocurrency as payment. The price of Bitcoin dropped as low as 4.92% nearly 45 minutes after Musk's announcement on twitter.
Musk also added that the electric car company would not be selling Bitcoin and will look into other cryptocurrencies that use less than 1% of Bitcoin's energy.
"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."
Market analysts see the move as an attempt by Tesla to assuage the concerns of investors who are focused on climate change and sustainability.
"Environmental, Social and Corporate Governance (ESG) issues are now a major motivation for many investors. Tesla, being a clean energy-focused company, might want to work better in the environmental area of ESG," Julia Lee from Burman Invest told the BBC.
Musk added that the electric car company would not be selling Bitcoin and will look into other cryptocurrencies that use less than 1% of Bitcoin's energy. And that's why he wants to make dogecoin as a substitute of bitcoin.
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