Tesla has suspended the vehicle purchases using Bitcoin. Tesla CEO bitcoin posted a photo statement on his Twitter handle about the company's new stance on Bitcoin.

"We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has worse emissions of any fuel," the statement read.

Elon said, "Cryptocurrency is a good idea on so many levels and we believe it has a promising future."  However, he stressed that this can not come at a great cost to the environment.

Elon also said that the company will not be selling any bitcoin and the company intends to "use it for the transaction as soon as mining transitions to a more sustainable energy." 

Elon also added that the company is also looking at other cryptocurrencies that use less than 1% of Bitcoin's energy consumption.