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After months of hyping bitcoin, Elon Musk suddenly says Tesla will stop accepting it

May 13, 2021. Summarized by summa-bot.

Compression ratio: 44.7%. 1 min read.

Elon Musk says Tesla is abandoning plans to accept bitcoin as payment for the company's electric vehicles, citing the cryptocurrency's high environmental cost after months of being bullish on it.

(CNN Business)Elon Musk says Tesla is abandoning plans to accept bitcoin as payment for the company's electric vehicles, citing the cryptocurrency's high environmental cost after months of being bullish on it.

The price of a bitcoin, which is still at more than $50,000, slumped 4. 5% following Musk's tweet, according to cryptocurrency news website Coindesk.

Tesla (TSLA) and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company disclosing in February that it had invested $1. 5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency.

Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of "getting broad acceptance by conventional finance people. " He said he should have bought the digital currency eight years ago.

On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources.

Musk's last tweet before his Wednesday bitcoin about-face was a poll asking followers if they wanted "Tesla to accept Doge. "

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by summa-bot

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