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Fisker Won't Follow In Tesla's Footsteps To Invest In, Or Accept, Bitcoin, Says CEO

May 18, 2021 2:06 am
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Fisker Won't Follow In Tesla's Footsteps To Invest In, Or Accept, Bitcoin, Says CEO

Fisker Inc (NYSE:FSR) does not plan to invest in Bitcoin or accept the cryptocurrency as payment, CEO Henrik Fisker told CNBC during the Closing Bell on Monday.

What Happened: Fisker told CNBC that Bitcoin is not “a sustainable solution” but did not rule out ever accepting any cryptocurrency, adding that it’s not a focus right now for the electric vehicle startup.

See also: How to Invest in Tesla Stock

The California-based company’s CEO echoed Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s concerns over the use of fossil fuels for Bitcoin mining. Musk announced last week that Tesla had suspended accepting Bitcoin as payment for its vehicles.

“It’s not environmentally friendly and we would not do that," Fisker told CNBC, adding that no one can guess the currency’s position in five years and that it's not something he wants to focus on at this point.

See Also: Elon Musk Sets Twitter Ablaze As He Engages In War Of Words With Bitcoin Advocates

Why It Matters: Fisker said the high energy usage incurred with Bitcoin does not align with his company’s target to make the "world’s most sustainable vehicles."

Fisker has no sales or cars in production yet and its first electric vehicle launch is slated for late next year.

Cryptocurrencies have come under the fresh spotlight after Musk’s recent tweets have sent Bitcoin prices on a wild ride.

Tesla bought $1.5 billion of Bitcoin (CRYPTO: BTC) in the first quarter and sold about 10% of the position, fetching it a profit of $101 million.

Price Action: Fisker shares closed 6.86% higher at $11.22 on Monday and were down 2.67% in extended hours. 

Read Next: Tesla Has Had A Major Bull In Cathie Wood's Ark. Now The Two Are At Odds Over Elon Musk's Bitcoin Stance

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Photo by Eric Graciano on Wikimedia

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