Tesla stops accepting bitcoin as Musk decries its insane energy use
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Elon Musk decries bitcoin s insane energy use after Tesla payment U-turn
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Thursday, 13 May 2021 08:19 PM MYT
Elon Musk speaks at a news conference at the Kennedy Space Center in Cape Canaveral, Florida March 2, 2019. Reuters pic
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SAN FRANCISCO, May 13 Tesla Inc boss Elon Musk denounced the “insane” amount of energy used to produce bitcoin today, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns.
Bitcoin fell more than 10 per cent after Musk, one of its most famous backers, tweeted his decision to suspend its use, less than two months after Tesla began accepting it as payment for its electric cars. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asian trade.