EV start-up Fisker will not accept Bitcoin or invest in Bitcoin, says the CEO

According to CEO and founder Henrik Fisker, the electric vehicle start-up Fisker does not plan to invest in Bitcoin or accept the cryptocurrency as a means of payment.

Fisker said Bitcoin is not “sustainable”, reflecting the environmental concerns Tesla CEO Elon Musk expressed last week over concerns about the use of fossil fuels to mine Bitcoin.

“I just don’t think it’s a sustainable solution,” Fisker said Monday during CNBC’s Closing Bell. “It’s not environmentally friendly and we wouldn’t do that.”

According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin uses more energy than entire countries like Sweden and Malaysia. According to Fisker, such use is not in line with the company’s mission to create “the world’s most sustainable vehicles”.

Fisker didn’t rule out the company ever accepting cryptocurrency. However, he said this was not a focus for the company right now.

“I don’t think anyone can predict what the currency will look like in five years,” said Fisker. He later added, “At this point, I don’t really care about currency.”

Fisker Inc. officially unveiled the fully electric luxury crossover Fisker Ocean at CES 2020 in Las Vegas.

Fisker is at least 16 months away from selling its first vehicle called the Ocean. Customer deliveries are expected in the fourth quarter of next year. Three more vehicles will follow by 2025.

Fisker’s shares fell about 2% during post-close trading after the company posted a 63 cents per share loss versus an expected 19 cents loss based on average estimates by analysts assembled by Refinitiv.

Cryptocurrencies have become a major topic of discussion for the automotive industry following Musk’s support for Bitcoin, including a $ 1.5 billion investment by Tesla. Tesla also said it would accept Bitcoin as payment for its vehicles.

Tesla later announced that it posted $ 101 million in net income from the sale of Bitcoin for the quarter, which helped push net income to a record high in the first quarter.

However, Musk said last week he had “suspended the purchase of vehicles using Bitcoin” amid concerns about the “rapidly increasing use of fossil fuels to mine Bitcoin”. He also tweeted about support for Dogecoin, a meme-inspired cryptocurrency.

Tesla’s support for cryptocurrency has helped the prices of cryptocurrencies, including Bitcoin and Dogecoin, soar in recent months.

Musk’s aerospace company SpaceX announced last week it would accept Dogecoin as payment for the launch of the “DOGE-1 Mission to the Moon”.

– CNBC’s Jessica Bursztynsky and Lora Kolodny contributed to this report.

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