The cryptocurrency market has plummeted after Elon Musk’s Tesla suspended its Bitcoin payment option.

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The cryptocurrency price plummeted Thursday morning after Tesla CEO Elon Musk revealed that the electric carmaker’s bitcoin payment option had been suspended.

Tesla launched bitcoin payment options for its goods in March, a month after announcing a $1.5 billion investment in bitcoin.

Musk, on the other hand, said in a tweet on Wednesday that the firm is looking at other cryptocurrencies that are more environmentally friendly.

Checks by TheCable show that the prices of Bitcoin dropped more than 11 percent to $50,883.95. Etherum price declined by 8.6 percent to 43,915 while Doge dropped by 17.06percent to $0.422653, according to CoinDesk data.

“Tesla has suspended vehicle purchases using Bitcoin. 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 tweeted.

“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 will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

According to the Bitcoin Energy Usage Index, a study by Harvard Business Review, mining from Bitcoin, Bitcoin Cash, and Ethereum consumes a large volume of energy, creating a significant environmental challenge to the Paris climate change agreement.

The Central Bank of Nigeria (CBN) has continued to advise people of Nigeria against trade in cryptocurrencies. It ordered banks to close accounts of individuals or companies interested in cryptocurrency transactions in February.

 


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