The Bitcoin rate has fallen by more than 12% after the second richest billionaire Elon Musk announced not to use Bitcoin as the means of payment for purchasing Tesla products.
Meanwhile, the world’s top EV maker Tesla had made an announcement in March that it would accept popular cryptocurrency, Bitcoin as the payment method. In addition, the carmaker had also bought $1.5billion (about $5 per person in the US) worth of Bitcoin in the month of February.
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Why Musk backed up from using the world’s biggest digital currency?
In his official Twitter handle, he wrote, “Tesla has suspended vehicle purchases using Bitcoin. 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 has been a very public fan of bitcoin and dogecoin, tweeting and joking about these with his millions of Twitter followers over the past year.
However, the billionaire Tesla CEO has planned to use bitcoin in the future if the currency finds cleaner energy sources for mining.
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