Tesla suspended its purchases in Bitcoin due to environmental concerns

Tesla suspended its purchases in Bitcoin

The electric car company maintained the message that cryptocurrencies are a good option and have a future but expressed concern about the high use of fossil fuels.

The electric car company Tesla decided on Wednesday to suspend its purchases of vehicles in bitcoin due to environmental concerns. Amid this surprise announcement, the world’s top cryptocurrency fell about 13%.

“Tesla has suspended purchases of vehicles with bitcoin. We are concerned about the rapid increase in the use of fossil fuels for mining and transactions of bitcoins, especially coal, which has the worst emissions (of greenhouse gases),” reported the official sign.

“The Cryptocurrencies are a good idea for certain levels and we believe that they have a promising future but this cannot imply a great cost to the environment, “they argued.

The company led by billionaire Elon Musk clarified that it will not be selling any bitcoin and that it will use it again as soon as the mining process becomes more sustainable. At the same time, he assured that they are analyzing other cryptocurrencies that consume less than 1% of energy than what bitcoin consumes.