Tesla suspends vehicle purchases using Bitcoin, Elon Musk announces

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LONDON, ENGLAND – DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs. (Photo by Dan Kitwood/Getty Images)

SALT LAKE CITY (ABC4) – Tesla CEO Elon Musk announced his company has suspended purchases of vehicles using Bitcoin.

In a tweet, Musk said the decision comes due to concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,”

On March 24, Musk first announced that Tesla would accept bitcoin for purchases inside the U.S.

According to Forbes, Musk previously invested $1.5 billion in bitcoin and, in February, said there is a “good chance crypto is the future currency of the Earth.”

Fellow billionaire and Dallas Mavericks owner Mark Cuban replied to Musk’s tweet Wednesday, saying the Mavericks would continue to accept Bitcoin and other forms of cryptocurrency, citing that “replacing Gold a store of value will help the environment.”

Musk is no stranger to cryptocurrency and has been vocal about his support of Dogecoin, a cryptocurrency based around a popular meme of a Shiba Inu from the early 2010’s.

Musk, also the founder of SpaceX, has alluded to the term Dogecoin’s traders frequently use, “doge to the moon,” which means increasing its value to $1 for a token, Forbes explains.

He even conducted a Twitter poll on Tuesday, asking his followers on whether or not Tesla should start accepting Dogecoin.

Ahead of his appearance on “Saturday Night Live” last week, Musk urged viewers to be wary when investing in cryptocurrencies.

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