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Tesla CEO Elon Musk said Wednesday that the car company would no longer accept bitcoin to purchase its vehicles, citing concerns about the environmental impact of the cryptocurrency.
“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 in a statement posted to his Twitter account.
The announcement comes a little more than three months after Tesla first announced it would begin accepting bitcoin as payment. The company also said at the time that it had purchased $1.5 billion worth of bitcoin.
The value of bitcoin declined sharply after Musk’s tweet, dropping from about $54,700 per coin to about $52,000 in less than an hour.
Musk, one of the world’s richest people, said in the statement Wednesday that the company would not be…
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