Tesla is taking a step away from the wild fluctuations of cryptocurrency. Following a particularly volatile week for the price of Bitcoin, Tesla CEO Elon Musk said on Twitter Wednesday that the company would no longer accept payments in cryptocurrency.
“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Musk tweeted, adding:
“We are also looking at other cryptocurrencies that use <1% of Bitcoin’s transaction/energy.”
Tesla first announced that it bought $1.5 billion worth of bitcoin back in Q1 2021. In March, the company revealed that U.S. customers could pay for a Tesla with bitcoin.
The latest news about Tesla’s acquisition of battery maker, SolarCity has caused a significant effect on the Bitcoin price. The cryptocurrency market seems to be influenced by the daily developments in Tesla. The cryptocurrency, which is known for its volatile trading, plunged about 9 percent to $4715 in the hours after Musk’s comments were published.