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Bitcoin Drops More Than 13% After Tesla Stopped Accepting it to Buy Its Cars

Adel 14 May, 2021 10:53 am Cryptocurrency, Market Update

Bitcoin fell more than 13% to trade at the $49,000 level after Elonmask announced that Tesla had stopped selling cars using the Bitcoin.

CEO Elon Musk said in a tweet that Tesla has Accepting bitcoin in buying cars, fearing an increase in the use of fossil fuels in coin mining.

And in February, Tesla revealed that it bought $1.5 billion worth of Bitcoin and may invest in more Bitcoin or other cryptocurrencies in the future.

Musk said Tesla will keep the Bitcoin it already owns instead of selling it and will look to accept other cryptocurrencies that require less mining energy to buy the company’s cars.

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