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Tesla stops accepting Bitcoin: What you need to know
Elon Musk, on Wednesday, announced on Twitter that Tesla will no longer accept Bitcoin as a payment. Here is everything we know about the update:
In February this year, Tesla announced that it had bought Bitcoin worth $1.5 billion and it will start accepting it as a form of payment for its cars.
This announcement led to a huge increase in the price of Bitcoin, reading more than $63000 at one point.
Elon Musk on Twitter announced today that Tesla will stop accepting it as a form of payment since its causing damage to the environment.
Musk said, “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.”
The price of Bitcoin dropped 5% within minutes of this announcement.
Elon Musk also promoted Dogecoin recently, mentioning the cryptocurrency multiple times while hosting SNL.
Dogecoin price also dropped after Elon’s SNL gig.
Following Elon’s announcement, Mark Cuban said that Dallas Mavericks will continue accepting Bitcoin, Ethereum, and Dogecoin as a form of payment.