Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Never Mind: Elon Musk Says Tesla Won't Accept Bitcoin For Car Purchases Any More

Never Mind: Elon Musk Says Tesla Won't Accept Bitcoin For Car Purchases Any More

Tesla's CEO explained on Twitter that the reversal on accepting Bitcoin was prompted by concerns about the "rapidly increasing use of fossil fuels" to mine the cryptocurrency.
Months after Tesla embraced Bitcoin, CEO Elon Musk said on Wednesday the auto maker would no longer accept the cryptocurrency for car purchases due to its environmental impact.

Bitcoin is very energy-intensive. The "coins" are created through a process called "mining," in which powerful computers solve difficult math problems. That requires electricity — a mind-boggling amount of it.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," Musk explained in a tweet, "especially coal, which has the worst emissions of any fuel."

The tweet comes just three months after Tesla surprised many by saying it would allow customers to pay for their electric vehicles with Bitcoin. Not only that, the company said at the time it also invested $1.5 billion in the cryptocurrency.

It was a good investment. In its most recently quarterly statement, Tesla's bitcoin holdings contributed substantially to its net profits.

But on Wednesday, Musk also said Tesla would no longer sell the cryptocurrency.

From the start, the company came under fire for embracing a currency with a substantial carbon footprint even though Musk has said that Tesla is dedicated to fighting climate change,

Bitcoin enthusiasts point out that renewable energy can power that mining. But critics point out that doesn't mean there's no impact.

And in some cases, Bitcoin mining has actually kept fossil fuel power plants in production when they would otherwise be inactive, adding to the world's carbon footprint.

"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," Musk also said on Twitter, a platform he frequently uses to comment on his companies.

Bitcoin values fell by thousands of dollars in the minutes immediately after Musk's tweet. But the price is still north of $50,000 per Bitcoin — 100 times what they were trading for five years ago.

In his tweet, Musk added the company is open to other cryptocurrencies with significantly fewer energy requirements.

The announcement comes days after Musk led to a plunge in another cryptocurrency, Dogecoin, after calling it a "hustle" while hosting Saturday Night Live.

Dogecoin, which started as a joke but became backed with real money, had previously surged in value after Musk expressed support for the cryptocurrency.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×