Crypto fanatics revert to Elon Musk’s Bitcoin environment revelation.
Tesla CEO Elon Musk stated that the company will stop accepting Bitcoin for its electric cars. Saying that it is because of environmental concerns. This has gotten the attention of crypto fanatics.
And then, crypto twitter responded.
When Tesla revealed last February that it bought Bitcoin and will accept it for car purchases, the cryptocurrency’s price skyrocketed by $4,000 in just hours.
Now, Elon Musk stated that the company will stop accepting Bitcoin for its car purchases until the blockchain network adopts even more sustainable energy practices. Then Bitcoin’s price dropped by the same amount, now, it is just on the $50,000 threshold.
But this price volatility will never stop the Crypto Twitter from having a good time.
The biggest question people ask is: “Did Elon Musk know how Bitcoin mining works?”
The process of mining new Bitcoins and verifying transactions is energy-intensive because the investment of the resources makes the network even more secure. However, Musk’s announcement seems like he’s just getting an idea that some people use fossils to have electricity.
For many years now, the environmental impact has been on discussions. Even though the extent of the network relies on renewable energy sources is debated. So, something else could be going on. An obvious possibility is that Tesla was taking from investors, employees, and customers who bought into Tesla’s environmental image.
Arcane Assets CIO Eric Wall said that it could be a “‘mea culpa’ defense in the face of misguided environmentalists and regulators.”
Meltem Demirors, the CSO of CoinShares stated that there is more to being a socially responsible company than the environment alone.
However, the founder of Barstool Sports Dave Portnoy, speculated that the environment was just an excuse.In his estimation, Musk is manipulating the market after Tesla sold some of its BTC holdings in the previous month.
Ever since Musk’s tweet declared that Tesla is still open to investing in cryptocurrencies that use around 1% of Bitcoin’s energy consumption, a lot wanted to know if that means Tesla will be accepting Dogecoin.
Moreover, it was a chance for the non-crypto fans to pity those who put their faith in Musk.
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