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Elon Musk. Photo: Liesa Johannssen-Koppitz/Bloomberg via Getty Images

Consumers can no longer buy Tesla vehicles with bitcoin, CEO Elon Musk announced on Twitter Wednesday.

What he's saying: Musk cited the environmental concerns associated with bitcoin — the cryptocurrency has a massive carbon footprint — as his reasoning behind Wednesday's decision.

"Tesla has suspended vehicle purchases using bitcoin," Musk said.

  • "We are concerned about 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."
  • "[W]e intend to use it as soon as mining transitions to more sustainable energy," he said, adding that Tesla is considering other cryptocurrencies that consume less energy.

Flashback: Musk in March approved the use of the cryptocurrency for Tesla purchases in the U.S. Some critics at the time said the move could tarnish the company's environmentally friendly image.

Our thought bubble, from Axios' Ina Fried: The energy issues related to Bitcoin have been long known and less energy consuming options have been available for some time.

Go deeper

EIA report: Carbon emissions expected to increase in 2021

Reproduced from EIA; Chart: Axios Visuals

Coal consumption for electricity generation is expected to increase by 17% this year due to higher natural gas prices that are temporarily making coal more cost-competitive, according to the latest Short Term Energy Outlook released by the Energy Information Administration Tuesday.

Why it matters: Coal is the most carbon-intensive fuel, so any uptick in its use, even temporarily, can have a significant influence on carbon emissions.

Hope King, author of Closer
Updated 60 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

Mitch McConnell's remarks on Black voters raise ire

Senate Minority Leader Mitch McConnell during a Capitol Hill news conference earlier this year. Photo: Anna Moneymaker/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) has been widely criticized for comments he made this week about Black American voters.

Driving the news: When asked by a reporter Wednesday about concerns among voters of color, McConnell said "the concern is misplaced, because if you look at the statistics, Black American voters are voting in just as high a percentage as Americans."