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Elon Musk’s U-turn on accepting bitcoin for Tesla payments kicks down crypto’s price

Bitcoin mining consumes about 148 terawatt-hours of energy annually, more than Sweden uses in a year

By James Booth
Elon Musk said Tesla wouldn't sell any bitcoin and would resume using the cryptocurrency for transactions as soon as mining transitions to more sustainable energy
Elon Musk said Tesla wouldn't sell any bitcoin and would resume using the cryptocurrency for transactions as soon as mining transitions to more sustainable energy Photo: AFP via Getty Images

The price of Bitcoin fell steeply to dip below $50,000 after Tesla chief executive Elon Musk said over Twitter the electric car company would stop accepting the crypto in payment on environmental grounds.

Musk and Tesla’s endorsement of bitcoin has helped fuel the cryptocurrency’s recent rally but his 12 May social media post pulled back from that dramatically.

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