The New Paper

May 13, 2021

Tesla suspends accepting Bitcoin as payment

Tesla suspended accepting Bitcoin as payment due to the “rapidly increasing use of fossil fuels” in the mining of the cryptocurrency. CEO Elon Musk noted (via tweet) the company does not intend to sell the Bitcoin it currently holds and will use it for transactions when mining transitions to more sustainable energy.

More context: In February, Tesla disclosed that it purchased $1.5B of Bitcoin and intended on accepting it as payment.
This story is from the May 13, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.