Bitcoin falls after Musk halts Tesla purchases with currency

Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the value of the digital currency.

In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” The move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment.

As a newly added member of the blue chip S&P 500 stock index, Tesla’s surprise announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and as an investment.