• Sun. Feb 25th, 2024

BTC Drops 10% Following Musk Energy-Efficient Debate



May 14, 2021

At the moment, it seems like investors will have to consider the “Elon” factor when in their crypto undertakings.

Bitcoin has never been the same since Elon Musk attacked the asset’s energy requirements. As a result, Tesla stopped accepting Bitcoin payments on its vehicle deals.

Are you on Twitter? You might have noted how the Tesla executive has been attacking bitcoin recently. In his latest post, the CEO said that he believes in cryptocurrency but also concerned about the dangers fossil fuel has on the environment. He further claimed that BTC power consumption is insane currently. On Wednesday, the company announced that it will no longer accept car purchases using the coin.

The statement seems to contradict since Elon Musk is among the icons in the crypto market. For that reason, suspending bitcoin payments surprised many investors. Different assets witnesses massive fluctuations BTC plunging to around $46,000. However, the digital coin recovered at some moment, fluctuating at about $50,000 on Friday. Do you think that Elon has an impact on BTC price movements currently? For how long will the market be with that high volatility?

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Elon Musk Attack Bitcoin

The Tesla executive posted about BTC power consumption, according to research by the University of Cambridge. Keep in mind that the CEO has been posting about Dogecoin via his tweets. Was attacking BTC the agenda behind Elon’s tweets?

Indeed from the chart posted by Elon Musk, Bitcoin’s electricity usage has skyrocketed in 2021. Stephen Kelso, an ITI Capital official, stated that celebrities and prominent individuals might have an impact on price movements in the crypto industry. After all, you may have noted how Elon pushed Dogecoin to new heights with his tweets.

According to Citigroup Inc. research, Bitcoin mining uses 66 times extra energy than its 2015 consumption.

However, the chief officer said that Tesla might consider other crypto options that are friendly to the environment? Is the “Dogefather” directing you to another digital coin? Which cryptocurrency do you think the company is considering at the moment?

Recently, musk declared that he is collaborating with DOGE developers to upgrade transaction efficiency.

Do you think that Elon Musk is in control of the market at the moment? You can comment on your thoughts below.


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