(CNN Business) The price of bitcoin has taken a nosedive after Tesla CEO Elon Musk said his company was abandoning plans to accept the cryptocurrency as payment for electric vehicles. "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," Musk said in a note posted on Twitter Wednesday. Musk tweeted in late March that people "can now buy a Tesla with Bitcoin." On Wednesday, Musk said Tesla still plans to use bitcoin after the currency finds cleaner energy sources. Bitcoin isn't the only cryptocurrency Musk has touted in recent weeks.

Source: CNN May 13, 2021 00:00 UTC