Elon Musk, CEO of Tesla, said on Twitter on Wednesday that Tesla has “suspended the purchase of vehicles with Bitcoin” over concerns about the “rapidly increasing use of fossil fuels to mine Bitcoin”.

In a February SEC filing, Tesla announced that it had purchased $ 1.5 billion worth of bitcoin and may invest in more bitcoin or other cryptocurrencies in the future.

At that point, the company announced that it would accept Bitcoin as a payment method for its products.

Tesla’s support for cryptocurrency helped drive prices for cryptocurrencies, including Bitcoin and Dogecoin, soaring in recent months.

Here was Musk’s full announcement via tweet:

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