Another electric vehicle company shuts door on bitcoin

After Elon Musk’s Tesla, another electric vehicle company is steering away from cryptocurrency leader Bitcoin because of its unsustainable and not-so environmental-friendly nature.

On Monday, Fisker Inc announced it wouldn’t accept Bitcoin as an investment because of the negative impacts to the environment of the mining process to mine the crypto.

In an interview with CNBC, the company’s Chief Executive Officer Henrik Fisker said the cryptocurrency is “not sustainable and environmental-friendly enough due to high electricity consumption during the process of BTC mining.”

Fisker emphasized the nature of Bitcoin mining is “not aligned” with his and the company’s values.

Not done with cryptocurrency too

Again, just like Tesla, while Fisker Inc won’t accept Bitcoin as an investment, the company is far from done with cryptocurrencies altogether.

Its CEO believes this is not the right time for the company to accept the asset class as a form of investment but also hinted that in the future, it may still take digital currencies as payment tools.

According to BlockchainNews, Fisker said, “I don’t think anybody can foresee what the currency is going to be in five years.”

For now, the executive is not bothered by what Bitcoin is and how it works, as well as the potential it has.

First it was Tesla

Just last week, Tesla CEO Elon Musk announced on Twitter that the company would stop accepting Bitcoin as payment for its cars.

The cryptocurrency proponent cited the immense energy consumption of mining Bitcoin and its negative impact on the environment as the reason.

Following this, Bitcoin saw a steep drop in its price. At press time, according to CoinGecko, the crypto leader’s price stands at almost $45.2K and has been down almost 20% for the past week, with its charts all painted in red.

 

Image courtesy of Cointelegraph News/YouTube

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