Elon Musk's Tesla Suspends Bitcoin Purchases on Environmental Concerns

Emma Newbery, The Motley Fool

13 May 2021 at 11:32 am·4-min read

Elon Musk's Tesla Suspends Bitcoin Purchases on Environmental Concerns

Tesla CEO Elon Musk announced yesterday afternoon that the company would suspend Bitcoin (BTC) purchases because of the high environmental costs of mining the popular digital currency. "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," he tweeted. Musk went on to say, "Cryptocurrency 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."

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