Musk "Tesla Stops Bitcoin Payments"... Bitcoin Plummets 6%

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] U.S. electric vehicle company Tesla is halting its electric car payments via Bitcoin, citing a sharp increase in fossil fuel usage during Bitcoin mining.

On the 12th (local time), Elon Musk, Tesla's CEO, announced on Twitter, "We are stopping Tesla vehicle purchases through Bitcoin," explaining, "This is because the use of fossil fuels, especially coal, has surged dramatically in Bitcoin mining."

CEO Musk added that Tesla will suspend electric vehicle payments via Bitcoin until sustainable energy is used in Bitcoin mining.

Previously, Tesla purchased Bitcoin worth $1.5 billion (approximately 1.7 trillion KRW) and announced that it would accept Bitcoin as a payment method for its products. The company also hinted at the possibility of further investments in Bitcoin and other cryptocurrencies. As a result, Bitcoin rallied, soaring about 100% just this year.

Following CEO Musk's sudden announcement, Bitcoin plunged 6% compared to 24 hours earlier. According to cryptocurrency information site CoinDesk, as of 7:30 a.m. Korean time on the 13th, the Bitcoin price was $53,135.66, down 6.42%.

This content was produced with the assistance of AI translation services.