Tesla was ignorant about Bitcoin’s impact on the Environment

Kimbal Musk, brother of the world’s richest Person Elon Musk, has admitted that the Electric automobile maker Tesla was ignorant about the impact of Bitcoin on the environment when it bought bitcoins worth $1.5 Billion last year. Last year, the Chief Executive Officer (CEO) of Tesla- Elon Musk also announced that it would allow users to buy Tesla’s vehicles using cryptocurrency. However, Mr. Musk after two months announced that they would not be accepting cryptocurrencies because of environmental issues. Kimbal Musk has also been Tesla’s Board member since 2004. He said: "When we invested in Bitcoin, we were very ignorant. We had no idea of the environmental impact, we literally didn't know, we were like this seems like a good store of value and a good way to diversify assets. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.” Kimbal said that he hoped that Blockchain Technology can help develop sustainable methods to manufacture cryptocurrency. He also informed that the company does not intend to sell bitcoins anymore nor will use it as a payment method for the time being.