Elon Musk’s Tesla will no longer accept Bitcoin payments for its products due to “environmental concerns”. Musk, naturally, announced it by tweeting about it, and caused a massive price drop for the most popular cryptocurrency on the market. This announcement came just two months after Tesla announced its support for Bitcoin payments, as well as its decision to invest 1.5 billion US dollars.
“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 tweeted and added: “crypto currency 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.”
The environmental toll of Bitcoin has been well-known for a while now and I have zero doubt that Tesla’s analysts and Musk himself were aware of it when they made the initial decision to allow Bitcoin payments and invest in it. So this sudden concern for the environment is, to put it mildly, a little odd.