Tesla Bitcoin Payments Cancelled

Elon Musk Announces On Twitter – Tesla Bitcoin Payments Cancelled Citing Environmental Impact

It has been an especially big week for Elon Musk in the Crypto news, SNL host, Dogecoin payments for SpaceX, and now we might have the biggest Elon story of the week…

On Twitter, Elon announced Tesla Bitcoin payments would be discontinued due to the environmental impact of Bitcoin mining. Particularly that he believes it leads to an increase in the burning of fossil fuels such as coal. 

He 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 a great cost to the environment.”

News about Tesla Bitcoin payments being cancelled hit Twitter hard. The price of Bitcoin itself also saw a dip that coincided with Elon’s tweet. 

Michael Saylor, CEO of Microstrategy, replied:

The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.”

Ultimately though, Elon and Tesla still believe in Cryptocurrency and interestingly, Tesla will not be selling their company holdings of Bitcoin. In fact, Tesla Bitcoin payments may well return once Elon is comfortable that Bitcoin mining uses more sustainable energy. The closing part of his statement is one to keep an eye on:

“We are also looking at other Cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Which Cryptocurrency could that be?…

What do you think about the Tesla Bitcoin payments cancellation? Is this another FUD for Bitcoin? With no more Tesla Bitcoin payments, do you expect other companies may follow suit? Give us your thoughts in the comments below.

We’ll be following this story as it develops and we could yet see Tesla re-open the door for Bitcoin…Be sure to come back to Complete Crypto News, and follow us on Twitter for the latest updates.