22:22How Elon Musk Crashing Bitcoin To Grow Dogecoin Is A Silly Move
Following Tesla’s latest decision to halt the receipt of Bitcoin as payment for its electric cars, Elon Musk has come under intense fire across the global crypto community for wielding his strong market influence in a negative predatory manner.
Elon who broke the news via his personal Twitter handle cited high fossil energy concerns in the light of climate change as the principal reason for reversing Tesla’s bitcoin acceptance.
Is Elon A Hypocrite?
For obvious reasons.
In the end, Elon Musk’s Tesla and SpaceX may not be able to boast of the <%1 energy benchmark it has set for the coin it hopes to adopt.
Secondly, Why does Elon still hold Bitcoins?
If Bitcoin fails to meet Tesla’s crypto energy requirements and it takes it as a moral obligation to desist from use due to fossil energy concerns, then Tesla ought not to seek any profit from holding the BTC.
Since Tesla and Elon have agreed to keep Bitcoins in their wallets, then they only succeed in sending conflicting signals of their public dislike for the coin and private love for its profits. Quite hypocritic.
Is Elon Weaning Dogecoin To Oust Bitcoin?
While this is good for DOGE holders, it is bad for the crypto market as Elon is only hurting the whole cryptosystem by seeking to enthrone one coin by thrashing another. The news of Bitcoin’s fossil energy use is as old as Adam and must have been considered before Tesla’s initial adoption over a month ago. So, why the hasty overturn barely a month after?
Bitcoin appears unperturbed
MicroStrategy Not Fazed By Musk-Induced $300 Billion Crypto Market Crash - Continues to Spend Millions On Bitcoin
With over 67% of the total 129 billion Dogecoin held by a little over 100 persons in the world, many experts fear the coin to be too centralized in the hands of few.
|Total comments: 0|
|China's measures take wind out of Bitcoin's sails (0)|
|Bitcoin enters 'death cross' amid China crackdown (0)|
|Bitcoin briefly crashed again, wiping out 2021 gains. Here's why. (0)|
|El Salvador’s Bitcoin move is unconstitutional, new lawsuit says, amid claims the President is getting cold feet (0)|
|Peter Schiff Unveils Best Time to Buy Bitcoin – It’s About MicroStrategy (0)|
|Bitcoin Bull Mike Novogratz on Chinese Crackdown: "Will Take Some Time to Play Out" (0)|
|Jim Cramer sells 'almost all' of his bitcoin as prices hit 2-week lows on China crackdown (0)|
|Cryptocurrencies tumble amid China crackdown on bitcoin miners (0)|
|Ether Plunges Below $2K, Bitcoin Dips to $32K (0)|
|U.S. Bitcoin Mining Firm Pioneers Alternative Flare Gas Energy (0)|