Tesla suspends vehicle purchases using Bitcoin over climate concerns

Thursday 13 May 2021 12:46 CET | News

Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet, according to BBC.

Bitcoin fell by more than 10% after the tweet, while Tesla shares also dipped. The tweet follows the protests from some environmentalists and investors that accompanied Tesla’s announcement in March 2021 that it would accept Bitcoin.

In February 2021, the electric carmaker had revealed it had bought USD 1.5 bln of Bitcoin. According to BBC, Tesla’s CEO said the electric carmaker would not sell any of its Bitcoin and intends to use it for transactions as soon as mining shifts to using more sustainable energy.

Market analysts see the move as an attempt by Tesla to assuage the concerns of investors who are focused on climate change and sustainability.

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Keywords: Bitcoin, Tesla, cryptocurrency, ESG, investment
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3