on the crypto
When Elon first said Tesla was going to buy Bitcoin, everyone in the crypto sphere went crazy. People rushed in and stocked up on Bitcoin and more. The cryptocurrency market has earned over $ 500 billion in valuation, and most cryptocurrencies have reached the highest prices of all time.
Then the storm came: Elon went back to his decision and said Tesla will stop accepting Bitcoin. This led to a collapse of the markets and Elon went on to justify the decision by saying that Bitcoins are not eco-friendly.
Well Elon, everything has to do with "sustainability". This is too big a word actually, but if you think it simply, it's basically being able to produce "more with fewer resources". As for Bitcoin, it requires an enormous amount of energy, we know.
But why did Elon change her mind?
Everyone was shocked when they first read Elon's tweet disavowing Bitcoin. Elon claimed that Bitcoin was unsustainable and consumed huge amounts of energy. But let's delve into this topic. From Tesla adopting BTC to Tesla denying BTC, nothing has changed in the fundamentals of Bitcoin. It is still the same cryptocurrency that used up energy.
In fact, while some people thought BTC would go bankrupt, Bitcoin simply returned to February levels prior to Elon's tweets. This shows that the people who came in tandem with Tesla were mostly newbies and other novice traders.
Elon's position is by no means convincing, as Bitcoin has never fundamentally changed. Furthermore, Elon is the one who should be questioned whether his inventions are ecological or not.
Bitcoin is STILL a better alternative to commodities
If Elon really doesn't like Bitcoin because it's not green, what about the batteries his company uses? Whole industries are at the top of battery manufacturing and, in turn, use fuel, coal, carbon or graphite, metal oxides and lithium salt. Are those materials eco-friendly?
And the gold digging? An interesting article analyzes how much gold mining in Africa costs compared to Bitcoin. It also takes into consideration the humanitarian disasters that result from such dirty industries, which exploit humans and even children.
Yes, energy perhaps comes from fuel, but also from other sources such as solar, wind and water. So mining Bitcoin in the future when we have alternative energy is still feasible, but battery making, gold mining and fuel mining are not.
Conclusion
Elon's decision to move away from Bitcoin isn't convincing at all. One might even think that he is trying to divert the crypto community to his side. Also, put Bitcoin on his Twitter account, then forget about it and invest on Doge, it was an interesting turning point, where one could predict how Elon was moving away from Bitcoin.
