Tesla suspends the use of Bitcoin for car purchases
CEO Elon Musk cited long-brewing environmental concerns as the reason
Bitcoin fell more than 10% after Musk tweeted his decision
Tesla, in February, had revealed that it bought $1.5 Bn of Bitcoin and would use it as the payment method
This led to a massive surge of around 20% for the world’s biggest cryptocurrency
Tesla, however, would retain its Bitcoin holdings
Bitcoin is made through an energy-intensive process that mostly relies on electricity generated with fossil fuels
Bitcoin mining exhausts too much energy, which led to the decision
