Tesla to Stop Accepting Bitcoin for Car Payments

CEO Elon Musk said that cryptocurrency is a “good idea on many levels” but its promise cannot come at a “great cost to the environment."

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FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, May 12, 2021 citing environmental concerns. (AP Photo/Susan Walsh, File)
Image via AP Photo/Susan Walsh

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, citing environmental concerns. “We are concerned about rapid increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said on Twitter. He added that cryptocurrency is a “good idea on many levels” but its promise cannot come at a “great cost to the environment.” Tesla, he added,…

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