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Tesla Rival Fisker Won't Buy or Accept BTC Anytime Soon: CEO

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Tesla Rival Fisker Won't Buy or Accept BTC Anytime Soon: CEO

Electric vehicle startup Fisker has no intentions of following its rival Tesla’s example and investing in BTC—or accepting it as a payment method.

“I just don’t think it’s a sustainable solution. It’s not environmentally friendly, and we would not do that,” the firm’s CEO and founder Henrik Fisker stated during CNBC’s “Closing Bellon Monday.

Fisker didn’t exclude the possibility of his firm accepting crypto in the future but said it’s definitely not a focus right now.

“I don’t think anybody can foresee what the currency is going to be in five years,” said Fisker, adding, “At this point, I’m not really bothered by what the currency is.”

Tesla’s U-turn on BTC

Fisker’s environmental concerns echoed sentiments voiced by Tesla CEO Elon Musk recently—but not before Musk’s EV firm invested $1.5 billion in BTC and began accepting the crypto (albeit briefly) as a form of payment for its cars.

Tesla stopped accepting BTC payments last week, citing “rapidly increasing use of fossil fuels for BTC mining and transactions” as the main reason.

Musk himself then continued to bring up BTC-related energy concerns on Twitter, stating that while he strongly believes in crypto, “it can’t drive a massive increase in fossil fuel use, especially coal.”

Data provided by the Cambridge BTC Electricity Consumption Index suggests that BTC’s blockchain consumes just over 140 TWh of power per year currently, more than countries such as Sweden and Ukraine.

The Tesla CEO’s U-turn on crypto prompted a dramatic fall in the price of BTC and other cryptocurrencies—along with crypto-exposed stocks. Musk was also forced to clarify that Tesla had not sold any BTC, following a cryptic tweet seemingly implying that Tesla was considering the possibility of selling its BTC holdings.

Given Musk’s outsize influence on crypto prices, the market has yet to recover.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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