Elon Musk’s tweet against Bitcoin led to a loss of over $350 billion. The reason behind Musk’s criticism of Bitcoin isn’t what he says. The truth is something else.
Elon Musk, the famed founder of Tesla & SpaceX, was believed to be a huge Bitcoin supporter. Tesla bought $1.5 billion worth of Bitcoin in February this year, which was hailed as one of the best things to happen in Bitcoin’s history.
Musk followed up with an announcement on Twitter, announcing Tesla will also accept Bitcoin as payments. Adding further, Musk said that Tesla will hold Bitcoin in its balance sheet and won’t convert their Bitcoin into fiat currency.
But it all seems a facade now, as recently Musk tweeted against Bitcoin, raising questions about the environmental impact of Bitcoin mining. The tweet from Musk erased over $350 billion valuations from the crypto market, affecting millions of cryptocurrency holders worldwide.
The question is, why all of a sudden Elon Musk started criticizing Bitcoin’s energy consumption? There is a reason behind it, which we will explore in this article.
Is Musk Correct About Bitcoin Causing Havoc to the Environment?
Musk believed that the energy that goes into Bitcoin mining comes from non-renewable sources, especially coal. That is 100% A-grade cow dung shit news. In fact, over 74% of the energy consumption of Bitcoin mining comes from renewable energy sources. There goes Musk’s statement about Bitcoin mining consuming huge amounts of non-renewable energy in the dustbin.
Even back in 2018, the share of renewable energy was over 77% in Bitcoin mining. At that time, the questions about Bitcoin mining impacting the environment were not as blown out of proportion. Still, Bitcoin miners were majorly using renewable energy to mine Bitcoins.
The people that started spreading the news about Bitcoin mining consuming non-renewable energy, mainly coal, know nothing about Bitcoin and the way it is mined. They are fear-mongers and nothing else. It is also very likely that these guys must be feeling left out from the financial revolution that Bitcoin has begun.
Why the sudden U-turn?
Musk’s U-turn was more shocking because he had previously agreed with Jack Dorsey that Bitcoin incentives green energy. Replying to Dorsey’s tweet, “bitcoin incentivizes renewable energy,” Musk tweeted “True.” It shows that the actual reason behind Musk tweeting against Bitcoin is something else. What can it be? Any guesses?
What if we tell you that after Musk criticized Bitcoin mining’s energy consumption, a piece of interesting news about Tesla came out, which made it obvious why Musk has become anti-Bitcoin all of a sudden. The truth is finally out of the closet.
Tesla is seeking to enter the US renewable fuel credit market, worth billions of dollars in contracts. Can it be a coincidence? Doesn’t seem so! It seems like a perfect plan for the Musk and Tesla team to make a strong case for their entry into the attractive renewable fuel credit market in the United States. The decision to criticize Bitcoin must be for gaining some brownie points from the government.
It’s all about the money and nothing else.
There is one good thing about all this fiasco. It proves that Musk is not some messiah that the crypto world made him out to be. He is corruptible and showed his true colors by criticizing Bitcoin for an issue that is not true. In the process, he has caused damage worth billions of dollars to common Bitcoin holders.
Regardless of what Musk believes, the truth is that Bitcoin’s growth has led to an increase in the adoption of renewable energy as it incentivizes the use of green energy. Bitcoin is not just some random cryptocurrency. It is the de facto leader of cryptocurrencies, which is dominating the crypto space. Bitcoin is a cryptocurrency like no other.
If you are a cryptocurrency enthusiast or holding cryptocurrency, we suggest you don’t be influenced by so-called cryptocurrency influencers, even when it is someone you look up to. You never know when guys like Musk may change their tune again and start praising Bitcoin. If that becomes true, do not think that Musk has realized his mistake. He may have some hidden motives behind it.