Cryptex logotype

Tesla sale for bitcoins is suspended

13.05.2021 |

Tesla has decided to suspend its program to sell electric cars for bitcoins. This statement was made by the founder of the company, Elon Musk. The corporation decided to freeze the possibility of exchanging digital gold for its products because of the increasing share of fossil fuels in the production of electricity for mining cryptocurrencies. Thus, Musk decided to somewhat reduce the focus on the first cryptocurrency, which may have a positive effect on the emitted carbon footprint in the future.

However, Tesla’s announcement led to a sharp collapse in the entire cryptocurrency market. Not counting a couple of hype projects, the average decline in less than a day was more than 10%. Bitcoin was momentarily losing up to 15% of its value at the beginning of the day.

At the same time, the electric car maker said it was not going to get rid of the cryptocurrency it already had, which could have brought the market down to its lowest values.

It is possible that the suspension of selling cars for bitcoins is related to the company’s desire to get a loan allocated by the government for the development of “green” energy and corporations that support “clean” sources of electricity, to which digital gold cannot yet be attributed.