Elon Musk says Teslas can no longer be purchased with Bitcoin

Tesla CEO Elon Musk announced on Wednesday that Teslas can no longer be purchased with Bitcoin, citing environmental concerns.

“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,” Musk added.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

The company’s move to allow bitcoin to be used to buy Tesla vehicles came in March.

Buying cars using bitcoin was only allowed in the U.S. and was supposed to be extended to other countries later this year. 

Tesla wants to continue using bitcoin to buy cars after “sustainable energy” starts to be used in mining.

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

Musk has been a proponent of cryptocurrency but has previously warned people to “invest with caution.”

Musk continued his support of cryptocurrency in his post but said the environment needs to be considered.

“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 wrote.