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URLhttps://www.cnn.com/2021/05/12/tech/elon-musk-tesla-bitcoin
Last Crawled2026-04-15 14:20:29 (7 days ago)
First Indexed2022-11-08 10:56:06 (3 years ago)
HTTP Status Code200
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Meta TitleBitcoin price drops 12% after Elon Musk tweets that Tesla will not accept it as payment | CNN Business
Meta DescriptionThe price of bitcoin has nosedived after Tesla CEO Elon Musk said his company was suspending plans to accept the cryptocurrency as payment for electric vehicles.
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Unable to load video Please try again later. Error occurred while fetching labs Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 • Source: CNNBusiness Elon Musk 16 videos Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: CNN Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: CNN Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: CNN Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: CNN Video Ad Feedback 'Bad timing': Elon Musk's company can no longer fund its vital service to Ukraine (2022) 03:33 Now playing • Source: CNN Video Ad Feedback Twitter users vote to remove Elon Musk as head of platform 03:39 Now playing • Source: CNN Video Ad Feedback 'A reverse exorcism:' Late night hosts joke about Elon Musk reinstating Trump's Twitter 01:42 Now playing • Source: CNN Business Video Ad Feedback Audience boos Dave Chappelle's surprise guest at San Francisco show 01:30 Now playing • Source: CNN Video Ad Feedback Elon Musk mocks shirts he found in Twitter's building. See Don Lemon's response 02:52 Now playing • Source: CNN Video Ad Feedback Musk's stance on remote working is 'polar opposite' of Twitter's policy Video Ad Feedback Hear Elon Musk's plans for Trump's Twitter ban Video Ad Feedback Elon Musk in 2001: I'm a little tired of the internet 03:49 Now playing • Source: CNN Video Ad Feedback Why conservatives are embracing Elon Musk's Twitter move 06:22 Now playing • Source: CNN Video Ad Feedback Smerconish has a message for conservatives rallying behind Elon Musk 06:48 Now playing • Source: CNN Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: CNN Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: CNN Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: CNN Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: CNN CNN Business  —  The price of bitcoin has nosedived after Tesla CEO Elon Musk said his company was suspending plans to accept the cryptocurrency as payment for electric vehicles. Bitcoin was down 12% as of 6:50 a.m. ET on Thursday — bringing the coin’s price down to about $49,300, according to cryptocurrency news website Coindesk . Other digital currencies followed bitcoin lower, with ethereum losing 14% and dogecoin shedding nearly 20%. Musk cited bitcoin’s high environmental cost as reason for the move, after months of being bullish on it. Ad Feedback Ad Feedback “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note posted on Twitter Wednesday. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.” Tesla did not immediately respond to questions regarding the move, including how many vehicles have been purchased with bitcoin and whether Musk was previously unaware of its environmental impact. The environmental cost of mining — or creating — digital currencies has been well-documented for years , with the debate around them reignited in recent months as cryptocurrency-based tokens known as NFTs exploded in popularity . Tesla (TSLA) and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company disclosing in February that it had invested $1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk tweeted in late March that people “can now buy a Tesla (TSLA) with Bitcoin.” Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he said. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.” Bitcoin isn’t the only cryptocurrency Musk has touted in recent weeks. He has also repeatedly hyped the canine-themed dogecoin , tweeting about it to his 54 million followers and even sending its price crashing when he played a character on “Saturday Night Live” who called the currency a “hustle.” Musk’s last tweet before his Wednesday bitcoin about-face was a poll asking followers if they wanted “Tesla to accept Doge.”
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Please check back later. Ad Feedback # Bitcoin plunges 12% after Elon Musk tweets that Tesla will not accept it as payment [![Rishi Iyengar](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg)](https://www.cnn.com/profiles/rishi-iyengar) By [Rishi Iyengar](https://www.cnn.com/profiles/rishi-iyengar), CNN Business 2 min read Updated 9:43 AM EDT, Thu May 13, 2021 Link Copied\! **Unable to load video** Please try again later. Error occurred while fetching labs Subtitles - Off Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 • Source: CNNBusiness Elon Musk 16 videos ![Swisher on Musk: 'very good executive' who sometimes "acts like an 11 year old"\_00001312.png](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![20210615-Space-x-starship-sections](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket 05:05 Now playing • Source: [CNN Business](http://www.cnn.com/business/) ![elon musk moos](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: [CNN](https://www.cnn.com/) ![This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin crypto currency.](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![elon musk jack sweeney split](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: [CNN](https://www.cnn.com/) ![FILE - Tesla CEO Elon Musk speaks before unveiling the Model Y at Tesla's design studio in Hawthorne, Calif., March 14, 2019. Twitter is suing Musk in Delaware in an attempt to get him to complete his \$44 billion acquisition of the social media company, a deal Musk is trying to get out of. (AP Photo/Jae C. Hong, File)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Bad timing': Elon Musk's company can no longer fund its vital service to Ukraine (2022) 03:33 Now playing • Source: [CNN](https://www.cnn.com/) ![Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. ](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Twitter users vote to remove Elon Musk as head of platform 03:39 Now playing • Source: [CNN](https://www.cnn.com/) ![Elon Musk Trump Twitter](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'A reverse exorcism:' Late night hosts joke about Elon Musk reinstating Trump's Twitter 01:42 Now playing • Source: CNN Business ![elon musk cameo dave chappelle san francisco show](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Audience boos Dave Chappelle's surprise guest at San Francisco show 01:30 Now playing • Source: [CNN](https://www.cnn.com/) ![stay woke musk vpx](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk mocks shirts he found in Twitter's building. See Don Lemon's response 02:52 Now playing • Source: [CNN](https://www.cnn.com/) ![GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y as well as electric car batteries. (Photo by Christian Marquardt - Pool/Getty Images)](https://media.cnn.com/api/v1/images/stellar/prod/220601190827-tesla-elon-musk-dusa.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Musk's stance on remote working is 'polar opposite' of Twitter's policy 02:26 Now playing • Source: [CNNBusiness](https://www.cnn.com/business) ![CNNMoney Trump Musk split](https://media.cnn.com/api/v1/images/stellar/prod/170409094645-cnnmoney-trump-musk-split.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Hear Elon Musk's plans for Trump's Twitter ban 01:22 Now playing • Source: [CNN Business](https://www.cnn.com/2022/05/10/tech/elon-musk-twitter-trump-ban/index.html) ![In a 2001 interview with CNN, Elon Musk said he was "a little tired of the internet."](https://media.cnn.com/api/v1/images/stellar/prod/220425141917-elon-musk-2001-silicon-valley-interview-screengrab-01.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Elon Musk in 2001: I'm a little tired of the internet 03:49 Now playing • Source: [CNN](https://www.cnn.com/) ![RS B block panel](https://media.cnn.com/api/v1/images/stellar/prod/220417144105-rs-b-block-panel.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Why conservatives are embracing Elon Musk's Twitter move 06:22 Now playing • Source: [CNN](https://www.cnn.com/) ![Tesla chief Elon Musk waving onstage at the TED2022: A New Era conference in Vancouver, Canada, April 14, 2022. ](https://media.cnn.com/api/v1/images/stellar/prod/220415071333-02-elon-musk-ted-0414.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Smerconish has a message for conservatives rallying behind Elon Musk 06:48 Now playing • Source: [CNN](https://www.cnn.com/) ![Swisher on Musk: 'very good executive' who sometimes "acts like an 11 year old"\_00001312.png](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![20210615-Space-x-starship-sections](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket 05:05 Now playing • Source: [CNN Business](http://www.cnn.com/business/) ![elon musk moos](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: [CNN](https://www.cnn.com/) ![This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin crypto currency.](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![elon musk jack sweeney split](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: [CNN](https://www.cnn.com/) See more videos CNN Business — The price of bitcoinhas nosedived after Tesla CEO Elon Musksaid his company was suspending plans to accept the cryptocurrency as payment forelectric vehicles. Bitcoin was down 12% as of 6:50 a.m. ET on Thursday — bringing the coin’s price down to about \$49,300, according to cryptocurrency news website [Coindesk](https://www.coindesk.com/price/bitcoin). Other digital currencies followed bitcoin lower, with ethereum losing 14% and dogecoin shedding nearly 20%. Musk cited bitcoin’s high environmental cost as reason for the move, after months of being bullish on it. Ad Feedback Ad Feedback “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note [posted on Twitter](https://twitter.com/elonmusk/status/1392602041025843203) Wednesday. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.” Tesla did not immediately respond to questions regarding the move, including how many vehicles have been purchased with [bitcoin](https://money.cnn.com/infographic/technology/what-is-bitcoin/index.html) and whether Musk was previously unaware of its environmental impact. The environmental cost of mining — or creating — digital currencies has [been well-documented for years](https://money.cnn.com/2017/12/07/technology/bitcoin-energy-environment/index.html), with the debate around them reignited in recent months as cryptocurrency-based tokens known as NFTs [exploded in popularity](https://www.cnn.com/2021/03/30/tech/nft-hacking-theft-environment-concerns/index.html). Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company [disclosing in February](https://www.cnn.com/2021/02/08/investing/tesla-bitcoins/index.html) that it had invested \$1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk [tweeted](https://www.cnn.com/2021/03/24/tech/tesla-bitcoin-elon-musk/index.html) in late March that people “can now buy a Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) with Bitcoin.” [![PARIS, FRANCE - APRIL 14: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on April 14, 2021 in Paris, France. The value of Bitcoin (BTC) has exceeded the threshold of 64,000 dollars for the first time in history. The Cryptocurrency overtakes the British Pound to become the 6th largest currency in the world. The total bitcoin market now represents \$ 1.2 trillion, while that of all cryptocurrencies stands at \$ 2251 billion. (Photo illustration by Chesnot/Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) PARIS, FRANCE - APRIL 14: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on April 14, 2021 in Paris, France. The value of Bitcoin (BTC) has exceeded the threshold of 64,000 dollars for the first time in history. The Cryptocurrency overtakes the British Pound to become the 6th largest currency in the world. The total bitcoin market now represents \$ 1.2 trillion, while that of all cryptocurrencies stands at \$ 2251 billion. (Photo illustration by Chesnot/Getty Images) Chesnot/Getty Images Related article Tesla bought \$1.5 billion in bitcoin early this year. By the end of March, it was worth \$2.5 billion](https://www.cnn.com/2021/04/28/investing/tesla-bitcoin/index.html) Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he said. “We are also looking at other cryptocurrencies that use \<1% of Bitcoin’s energy/transaction.” Bitcoin isn’t the only cryptocurrency Musk has touted in recent weeks. He has also [repeatedly hyped the canine-themed dogecoin](https://www.cnn.com/2021/05/11/investing/dogecoin-price-elon-musk-snl/index.html), tweeting about it to his 54 million followers and even [sending its price crashing](https://www.cnn.com/2021/05/09/investing/dogecoin-elon-musk-snl/index.html) when he played a character on “Saturday Night Live” who called the currency a “hustle.” Musk’s last tweet before his Wednesday bitcoin about-face was a [poll](https://twitter.com/elonmusk/status/1392030108274159619) asking followers if they wanted “Tesla to accept Doge.” Related [![]()]() Ad Feedback ### CNN Business Videos - [![thumb\_22537614\_2200922.674\_thumb.jpg](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) cnn](https://www.cnn.com/2026/04/14/business/video/united-american-airlines-travel-lead-tapper) [Video What could a potential merger between United and American Airlines mean for travelers? 1:44 Apr 14, 2026](https://www.cnn.com/2026/04/14/business/video/united-american-airlines-travel-lead-tapper) - 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**Unable to load video** Please try again later. Error occurred while fetching labs Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 • Source: CNNBusiness Elon Musk 16 videos ![Swisher on Musk: 'very good executive' who sometimes "acts like an 11 year old"\_00001312.png](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![20210615-Space-x-starship-sections](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket ![elon musk moos](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: [CNN](https://www.cnn.com/) ![This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin crypto currency.](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![elon musk jack sweeney split](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: [CNN](https://www.cnn.com/) ![FILE - Tesla CEO Elon Musk speaks before unveiling the Model Y at Tesla's design studio in Hawthorne, Calif., March 14, 2019. Twitter is suing Musk in Delaware in an attempt to get him to complete his \$44 billion acquisition of the social media company, a deal Musk is trying to get out of. (AP Photo/Jae C. Hong, File)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Bad timing': Elon Musk's company can no longer fund its vital service to Ukraine (2022) 03:33 Now playing • Source: [CNN](https://www.cnn.com/) ![Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. ](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Twitter users vote to remove Elon Musk as head of platform 03:39 Now playing • Source: [CNN](https://www.cnn.com/) ![Elon Musk Trump Twitter](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'A reverse exorcism:' Late night hosts joke about Elon Musk reinstating Trump's Twitter 01:42 Now playing • Source: CNN Business ![elon musk cameo dave chappelle san francisco show](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Audience boos Dave Chappelle's surprise guest at San Francisco show 01:30 Now playing • Source: [CNN](https://www.cnn.com/) ![stay woke musk vpx](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk mocks shirts he found in Twitter's building. See Don Lemon's response 02:52 Now playing • Source: [CNN](https://www.cnn.com/) ![GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y as well as electric car batteries. (Photo by Christian Marquardt - Pool/Getty Images)](https://media.cnn.com/api/v1/images/stellar/prod/220601190827-tesla-elon-musk-dusa.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Musk's stance on remote working is 'polar opposite' of Twitter's policy ![CNNMoney Trump Musk split](https://media.cnn.com/api/v1/images/stellar/prod/170409094645-cnnmoney-trump-musk-split.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Hear Elon Musk's plans for Trump's Twitter ban ![In a 2001 interview with CNN, Elon Musk said he was "a little tired of the internet."](https://media.cnn.com/api/v1/images/stellar/prod/220425141917-elon-musk-2001-silicon-valley-interview-screengrab-01.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Elon Musk in 2001: I'm a little tired of the internet 03:49 Now playing • Source: [CNN](https://www.cnn.com/) ![RS B block panel](https://media.cnn.com/api/v1/images/stellar/prod/220417144105-rs-b-block-panel.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Why conservatives are embracing Elon Musk's Twitter move 06:22 Now playing • Source: [CNN](https://www.cnn.com/) ![Tesla chief Elon Musk waving onstage at the TED2022: A New Era conference in Vancouver, Canada, April 14, 2022. ](https://media.cnn.com/api/v1/images/stellar/prod/220415071333-02-elon-musk-ted-0414.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Smerconish has a message for conservatives rallying behind Elon Musk 06:48 Now playing • Source: [CNN](https://www.cnn.com/) Video Ad Feedback Swisher on Musk: 'very good executive' who sometimes tweets 'like an 11-year-old' 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![20210615-Space-x-starship-sections](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk wants to get to Mars with this behemoth rocket ![elon musk moos](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback 'Something Elon can't do': CEO's dance moves light up the internet 01:47 Now playing • Source: [CNN](https://www.cnn.com/) ![This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin crypto currency.](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Cryptocurrencies plunge after Elon Musk's bitcoin u-turn 03:35 Now playing • Source: CNNBusiness Video Ad Feedback How Musk's Twitter takeover turned workers' lives upside down 04:50 Now playing • Source: [CNN](https://www.cnn.com/) ![elon musk jack sweeney split](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Elon Musk suspends Twitter account tracking his private jet 03:01 Now playing • Source: [CNN](https://www.cnn.com/) CNN Business — The price of bitcoinhas nosedived after Tesla CEO Elon Musksaid his company was suspending plans to accept the cryptocurrency as payment forelectric vehicles. Bitcoin was down 12% as of 6:50 a.m. ET on Thursday — bringing the coin’s price down to about \$49,300, according to cryptocurrency news website [Coindesk](https://www.coindesk.com/price/bitcoin). Other digital currencies followed bitcoin lower, with ethereum losing 14% and dogecoin shedding nearly 20%. Musk cited bitcoin’s high environmental cost as reason for the move, after months of being bullish on it. Ad Feedback Ad Feedback “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note [posted on Twitter](https://twitter.com/elonmusk/status/1392602041025843203) Wednesday. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.” Tesla did not immediately respond to questions regarding the move, including how many vehicles have been purchased with [bitcoin](https://money.cnn.com/infographic/technology/what-is-bitcoin/index.html) and whether Musk was previously unaware of its environmental impact. The environmental cost of mining — or creating — digital currencies has [been well-documented for years](https://money.cnn.com/2017/12/07/technology/bitcoin-energy-environment/index.html), with the debate around them reignited in recent months as cryptocurrency-based tokens known as NFTs [exploded in popularity](https://www.cnn.com/2021/03/30/tech/nft-hacking-theft-environment-concerns/index.html). Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) and Musk have appeared fairly bullish on bitcoin for at least a few months, with the company [disclosing in February](https://www.cnn.com/2021/02/08/investing/tesla-bitcoins/index.html) that it had invested \$1.5 billion in bitcoin and floating the ability to buy its cars using the cryptocurrency. Musk [tweeted](https://www.cnn.com/2021/03/24/tech/tesla-bitcoin-elon-musk/index.html) in late March that people “can now buy a Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) with Bitcoin.” Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he said. “We are also looking at other cryptocurrencies that use \<1% of Bitcoin’s energy/transaction.” Bitcoin isn’t the only cryptocurrency Musk has touted in recent weeks. He has also [repeatedly hyped the canine-themed dogecoin](https://www.cnn.com/2021/05/11/investing/dogecoin-price-elon-musk-snl/index.html), tweeting about it to his 54 million followers and even [sending its price crashing](https://www.cnn.com/2021/05/09/investing/dogecoin-elon-musk-snl/index.html) when he played a character on “Saturday Night Live” who called the currency a “hustle.” Musk’s last tweet before his Wednesday bitcoin about-face was a [poll](https://twitter.com/elonmusk/status/1392030108274159619) asking followers if they wanted “Tesla to accept Doge.”
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Languageen
AuthorRishi Iyengar
Publish Time2021-05-13 00:00:58 (4 years ago)
Original Publish Time2021-05-12 00:00:00 (4 years ago)
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