Elon Musk’s Bitcoin U-Turn:
Nothing But PR & Energy Politics
By Sonnet Gomes
I was so content with my current tiny investment in Cryptocurrency, especially Bitcoin, till last night. When Elon Musk’s Bitcoin U-Turn simply throws me off the edge.
Musk’s Tweet on suspending vehicle purchase using Bitcoin not only struck a boult on me but also my itty-bitty crypto asset. No wonder I was enraged to see the price dropping, and my investment is fading away.
However, it took me a while to come to my senses (thanks to my wife for a late-night Coffee) and realize what is actually going on.
Musk’s Twitter Activity from Last Night
The entire Tweet, I am sure, will amaze almost anyone. Let’s look at a few lines of it first, and then I will dive deep into them.
- “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel” (O Boy, O Boy! we had no clue about it until the Tweet!)
- “Cryptocurrency is a good idea on many levels, and we believe it has a promising future” (So Tesla and SpaceX are not dumping all its crypto assets because they are nothing but energy-guzzler carbon-emitting machines)
- “Tesla will not be selling any Bitcoin, and we intend to use it for transactions as soon as mining transitions to more sustainable energy” (He actually loves Bitcoin and keeping all the digital assets for future use. Wondering what it’s that? Well, the next Bitcoin big selling)