Tesla will no longer accept Bitcoin over climate concerns, says Musk
On Thursday, Tesla suspended vehicle purchases using Bitcoin due to climate change concerns. Tesla had announced in March that it would accept the cryptocurrency, and was met with outrage from environmentalists and investors. On Thursday, Tesla revealed that the increasing use of fossil fuels for Bitcoin mining and transactions was the source of concern halting the acceptance of Bitcoin.
The company will also not sell any of its Bitcoin and intends to use it for transactions when mining shifts to more sustainable energy. This move was seen as an attempt to assuage concerns of investors who focus on climate change and sustainability or as an attempt to influence the cryptocurrency market. Tesla is a clean energy focused company and wants to work more within the Environmental, Social and Corporate Governance issues that are large motivations for many investors.