Tesla to stop accepting Bitcoin for car payments

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Electric car maker Tesla will stop accepting Bitcoin as a payment. That’s according to a tweet Wednesday from CEO Elon Musk, who cited environmental concerns surrounding the cryptocurrency. He pointed to Tesla’s concerns about the increasing use of fossil fuels for Bitcoin mining and transactions. He added that cryptocurrency is a “good idea on many levels” but its promise cannot come at a “great cost to the environment.” The price of bitcoin fell about 5% to $51,847 after Musk’s comments on Twitter.

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