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Elon Musk says Tesla will no longer accept Bitcoin for car purchases, citing environmental concerns Updated: 2021-05-13 10:00:42 KST

Tesla CEO Elon Musk says the automaker has "suspended vehicle purchases using Bitcoin" out of concern over the increasing use of fossil fuels for Bitcoin mining and transactions.
The price of Bitcoin plunged about 5 percent immediately after his tweet, but has since recovered a few percent.
Watchers say Tesla's support for Bitcoin drove its price to soar in recent months.
However, Musk said Tesla will hold the Bitcoin reserves it already has, and is looking into other cryptocurrencies that require less energy.
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