SAN FRANCISCO, Calif. (KRON) -- Tesla has suspended vehicle purchases using Bitcoin because it comes "at great cost to the environment", Elon Musk said Wednesday.
Bitcoin, the world’s biggest digital currency, fell more than 7% after the tweet, Reuters reports.
Musk said they are concerned about "rapidly increasing use of fossil fuels for Bitcoin mining and transactions" -- especially coal.
Although Musk said he believes cryptocurrency is a good idea, he ultimately said it can't come at great cost to the environment.
He added he is looking into other cryptocurrencies.
"Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transactions to more sustainable energy," he wrote. "We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction."
Tesla revealed that it bought $1.5 billion worth of Bitcoin and said it would start accepting Bitcoin as a payment method for its products.
That announcement from Tesla helped the prices of cryptocurrencies, like Bitcoin and Dogecoin, skyrocket recently.
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