Bitcoin, the first and the largest crypto currency plunged in value after the electric car maker, Tesla withdrew the acceptance of Bitcoin as a payment mechanism.

The price of the most famous cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in a matter of just two hours.

This happened when the CEO of Tesla announced on Twitter that the electric car maker has suspended the use of bitcoin to purchase its vehicles on the grounds of environmental concerns.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk wrote.

However he also cleared that Tesla would not sell any bitcoin and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.

“We are also looking at other cryptocurrencies that use <1 percent of bitcoin’s energy/transaction,” Musk said. This confirms that the tech mogul still believes in the future of cryptocurrencies.

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