New Delhi: Tesla Inc has suspended the use of bitcoin to purchase its vehicles because of climate concerns, Chief Executive Officer Elon Musk said.
“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 said in a tweet.
Taking to Twitter, Musk cited concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signalling that Tesla might accept other cryptocurrencies if they are not so energy-intensive.
Bitcoin falls 7%, memes & jokes flood social media
Bitcoin, the world’s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669.
Many netizens took to Twitter and shared memes and jokes over sharp dip in Bitcoin value.
A few linked it with Elon Musk while others mulled on which other cryptocurrencies may get affected after billionaire’s tweet.