CURRENT AFFAIRS

Detailed explanation-1: -Elon Musk says Tesla will stop accepting bitcoin for car purchases, citing environmental concerns. Tesla has “suspended vehicle purchases using bitcoin, ” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining, ” according to a tweet from CEO Elon Musk on Wednesday.

Detailed explanation-2: -Less than two months after making this announcement, Mr Musk posted a tweet in May stating that Tesla will no longer accept Bitcoin as a mode of payment. Mr Musk cited climate change as the main reason behind the company’s decision to discontinue accepting the cryptocurrency.

Detailed explanation-3: -It should be noted that back in June 2021, Tesla for a brief period of time, accepted Bitcoin from customers to buy even cars. But, it was later withdrawn as mining Bitcoin had a negative impact on the environment.

Detailed explanation-4: -Tesla last year stopped accepting Bitcoin as payment for its cars, citing concerns about the climate impact of energy-intensive Bitcoin mining. At the time, Mr Musk said on social media that the company would not be selling the Bitcoin it owned.