Elon Musk, the CEO of Tesla, declared on Wednesday that Bitcoin will no longer be used to buy Teslas, citing environmental issues.
Climate harm puts brakes on buying Teslas with bitcoin
“Tesla has halted bitcoin car sales,” Musk said in a statement.
“We’re concerned about the rapidly growing usage of fossil fuels for Bitcoin mining and transactions, especially coal, which emits the most pollutants of any fuel,” Musk added.
In March, the company announced that bitcoin could be used to purchase Tesla cars.
Until recently, buying cars with bitcoin was only possible in the United States, with plans to expand to other countries later this year.
Since “sustainable electricity” is used in mining, Tesla wants to keep using bitcoin to purchase vehicles.
“Tesla will not sell Bitcoin, and we plan to use it for purchases as soon as mining shifts to more renewable energy,” Musk said.
While Musk has been a supporter of cryptocurrencies, he has previously advised investors to “invest with caution.”
In his message, Musk reiterated his enthusiasm for cryptocurrencies, but added that the world must be understood.
“Cryptocurrency is a brilliant innovation on many grounds, and we think it has a bright future,” Musk wrote, “but it cannot come at the expense of the environment.”
