Business Maverick: Musk Sends Bitcoin Tumbling With Shock U-Turn on Payments

In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive. He also said the company won’t be selling any of the Bitcoin it holds.

The largest cryptocurrency dropped as much as 15% in Asian trading, sliding below $50,000, before paring some of the drop. It was down about 8% to $50,190 as of 10:53 a.m. in Tokyo. The were reports ofin February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment.

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