Elon Musk has taken a step back on his stance on bitcoin and halted payments of cars via bitcoins. Tesla is concerned about the use of fossil fuels for mining bitcoins that have a disastrous effect on the environment. Following the tweet by Musk, bitcoin fell more than 4%. Tesla, in this quarter, spent $1.5bn on bitcoin and then cut its position by 10%. The sale made a $101mn positive impact on the company’s profit during the period.

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