Musk tweeted the announcement just after 6 p.m. on Wednesday when the entire cryptocurrency market was valued at around $ 2.43 billion, CNBC reported, citing data from Coinmarketcap.com.
In less than three hours, the crypto market lost around $ 365 billion, according to the report.
But it bounced back, earning $ 200 billion shortly before the market opened in China – for a net loss of around $ 165 billion since Musk’s tweet, the outlet reported.
Bitcoin, Ether, and XRP have all lost value.
In his announcement, Musk raised concerns about the use of fossil fuels for bitcoin mining.
He said Tesla will not sell any bitcoin and intends to use it for transactions as soon as mining shifts to more sustainable energy.
“We are also looking at other cryptocurrencies that use With pole wires.