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2021-05-14 04:43:55
“Bitcoin doesn’t need Elon Musk to be successful in its revolution”
* Note that the article is based on the author’s personal opinion, not considered an investment recommendation *
News came like a bomb in the world of Bitcoin and spread even further. On May 13, minutes after midnight, Elon Musk posted a very serious tweet about Tesla’s change of opinion on Bitcoin.
This time, it wasn’t jokes like the way he advocated Dogecoin.
Elon Musk It seems serious to announce that Tesla will suspend permission to buy its electric cars with Bitcoin:
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
– Elon Musk (@elonmusk) May 12, 2021
This was quite surprising when, in March 2021, Elon Musk made a very ostentatious statement about Tesla’s ability to allow payments in Bitcoin. Musk has also made it clear that Tesla will hold the BTC proceeds from the sale of the car.
Yet today, Elon Musk made a 180-degree turn to Bitcoin, saying that Bitcoin will have a negative impact on the environment:
“We are concerned about a surge in using fossil fuels to mine and trade Bitcoin, especially coal, the worst emitting fuel of any fuel.”
Musk’s decision to stop accepting Bitcoin made the Bitcoin community naturally feel betrayed by Elon Musk’s reversal of attitude.
Nothing has changed regarding Bitcoin since Elon Musk entered this world
Michael J. Saylor pointed out when replying to Elon Musk’s tweet that no additional energy is used in a Bitcoin transaction, that miners are not foolish to use fossil fuels to mine Bitcoin in the long run. because that will not bring great profit to them:
In fact, 75% of the energy consumed by miners in the Bitcoin network comes from renewable energy. Furthermore, the Bitcoin system encourages miners to use the cheapest energy to increase their profits.
This will promote the use of renewable energy to mine BTC.
Just 3 weeks ago Elon Musk defended Bitcoin over its energy consumption
The argument made by Elon Musk for not using Bitcoin is completely wrong. It’s even fallacy when we review the reply Elon Musk tweeted from Twitter founder Jack Dorsey just 3 weeks ago.
Jack Dorsey says “Bitcoin promotes renewable energy” and brings link to this topic. Elon Musk answered “Yes” to this tweet.
Elon Musk’s tweet on May 13, 2021, comes with some clear explanations:
“Tesla won’t sell any Bitcoin and we plan to use it for trading as soon as mining turns to more sustainable energy. We are also looking at other cryptocurrencies that use
Tesla sold some BTC in March 2021, but Tesla has no plans to sell the rest of its BTC right now. However, the community did not believe what Tesla said when people saw how Elon Musk and Tesla viewed Bitcoin. For Tesla, it is simply business. Elon Musk is not, and never was, a Bitcoiner.
Tesla will look at other cryptocurrencies, paving the way for Dogecoin, which Elon Musk supports
The remainder of Elon Musk’s tweet tells us that Tesla will be researching other cryptocurrencies that consume less energy than Bitcoin. In my opinion, this opens up opportunities for Tesla to support Dogecoin soon. This will bring Elon Musk a huge profit.
He voiced his support many times Dogecoina meme cryptocurrency has been made a joke for years by regularly making pump & dump moves that Musk must benefit from in some way.
To repeat the fact about Dogecoin: “10 sharks own 44% of the total DOGE in circulation”
It wouldn’t be surprising if Elon Musk was one of those 10.
Elon Musk’s tweet clearly caused the price of Bitcoin to drop rapidly:
Bitcoin price fell from $ 54.6 thousand to $ 46.9 thousand in just a few dozen minutes.
Since then, the Bitcoin price has recovered to around $ 51k as I write this. If you are a Bitcoin HODLer, you can rest assured. Bitcoin is decentralized and it will prove it again just like always.
Bitcoin is the currency of the people supported by the people. Its revolution will be successful with or without Elon Musk
Bitcoin doesn’t need Elon Musk. No one is more important than anyone in the world of Bitcoin, not even Elon Musk. Bitcoin is everyone’s currency and everyone backs it up.
Bitcoin’s price will continue to rise to the $ 100k mark, which is still the target by the end of 2021. Bitcoin’s fundamentals, as well as on-chain data, continue to reinforce this goal.
For those who are new to joining, this event will probably be a good lesson for them: never buy Bitcoin based on the opinion of an influencer. You have to do your own research and then decide to buy other Bitcoin or altcoins.
Don’t blindly follow Elon Musk’s advice. If not, you will buy Dogecoin or spend your Bitcoin to buy a Tesla car …
If Bitcoin is once again proving decentralized, then Elon Musk is clearly not the problem. Indeed, behind the sudden shift in Tesla’s attitude is a false argument regarding Bitcoin’s environmental impact. Why did Elon Musk use such a false argument when he had a different opinion just three weeks ago?
Once the truth of Bitcoin’s environmental impact is fully analyzed, this whole thing will benefit Bitcoin. So the best thing to do is step back and focus on Bitcoin’s fundamentals. Be strong, and don’t be too scared.
* Note that the article is based on the author’s personal opinion, not considered an investment recommendation *
If you do not have a Binance account, register here: https://CHK.com/go/binance
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