US entrepreneur Elon Musk announced that he suspended selling his Tesla electric vehicles for Bitcoins over concerns about the adverse environmental impact of mining the cryptocurrency.
“Tesla has suspended vehicle purchases using Bitcoin. 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,” Musk said via Twitter on Wedneday.
The businessman, who invested heavily in cryptocurrencies and whose tweets are closely followed by other investors, said that Tesla will not be selling any Bitcoin and intends to resume using it for transactions “as soon as mining transitions to more sustainable energy.”
Musk added that he is looking at other cryptocurrencies that use less than one percent of “Bitcoin’s energy/transaction.”