Elon Musk and Jesse Powell are now fighting on social media, and Bitcoin price is taking it hard.
Musk and Powell goes head to head on Social media
The battle started when Powell called out Musk about his recent comments about the bitcoin mining process. Elon Musk originally said a few months ago that he will permit bitcoin payments for Tesla goods and services. Although, this decision was taken back referring to the concerns over how much energy is used to acquire new coins from the blockchain.
Powell claimed on social media that Musk needed to do “more studying.” He continued that Bitcoin was a lot “greener” than people are giving it credit for. Then Musk responded saying:
“Based on what data?”
This is Powell’s entire statement:
“I have said one bitcoin, one Lambo by the end of the year. It may be a Lambo with fewer options or a smaller engine at this point, but I think we are still looking at very lofty price targets. I think Elon has some more studying to do.”
As of now, anger against Musk amongst several crypto fans and investors seems like an all-time high. He was voted the most “hated” individual in the crypto industry because his tweets and social media messages seem to send most traders into a frenzy. Furthermore, his messages cause bitcoin’s price to suffer massive swings.
Many protesters gathered outside a Tesla factory in North California to protest Musk’s continuous influence in crypto. His messages about retraction of Bitcoin payments for Tesla have caused the world’s number one digital currency to fall into the $40,000 range. The price suffered harder after that when Musk hinted on Twitter that he was considering selling his personal Bitcoin stash.
Bitcoin trades at a new all-time high of roughly $64,000 per unit last April. Although, it is now trading for $35,000. Normally, the currency sprung up a little and was trading in the low $40,000 range last week. Now the quarrel between Musk and Powell brought the cryptocurrency down by $5,000.
Is this a softened position?
Recently, Musk lessened his stance on Bitcoin mining and he claimed that if miners could run their firms with cleaner energy and lower emission by 50%, then he will once again allow bitcoin payments for Tesla vehicles.
“When there is confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.”
Elon Musk
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