Bitcoin has lost a total of $120, 776, 981, 476, which is more than 10 percent of its value in 24 hours. This happened after Elon Musk, CEO of Tesla, revealed that Tesla was going to halt accepting Bitcoin as payment for its cars.
The CEO’s tweet read, “Tesla has suspended vehicle purchases using bitcoin. We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
“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 less than one per cent of bitcoin’s energy/transaction.”
Tesla began accepting Bitcoin as means of payment in March. In its Q1 earnings, the company revealed that it had grown its Bitcoin holdings to $2.5bn.
According to coinmarketcap.com, Bitcoin was $48,063.02 on Thursday. It had a 24-hour trading volume of $102,816,494,815. Then, Bitcoin was down 11.05 percent.
It had a live market cap of $899,221,459,712, a circulating supply of 18,709,218 BTC coins, and its maximum supply was 21,000,000 BTC coins.