Tesla is no longer accepting Bitcoin from customers buying its cars, Elon Musk announced last week.

Immediately after the news broke, both Tesla’s and Bitcoin’s share prices dropped considerably.

The company’s CEO tweeted: “Tesla has suspended vehicle purchases using bitcoin,” Musk tweeted. “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.”

“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,” he continued.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

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