Many billionaires and investors do not support Elon Musk’s sudden move towards Bitcoin. Some criticized the Tesla boss for being ‘callous’ and ‘playing with people’s pockets’.
On May 12, Elon Musk – the world’s second-richest billionaire – announced that electric car company Tesla will stop accepting payments in Bitcoin. Musk admitted to being “concerned about the increased use of fossil fuels for Bitcoin mining and trading”.
The announcement of the Tesla boss immediately pulled the price of Bitcoin down to $ 46,000 / dong. Minutes later, billionaire investor Mark Cuban – owner of the NBA’s Dallas Mavericks – tweeted: “We know that it helps the environment (Bitcoin) replace gold as a store of value. school”. According to the data of Coin Desk , as of May 14 (Vietnam time), Bitcoin has not been able to regain the $50,000 mark per dong. However, the Winklevoss twin billionaire brothers remain optimistic. Mr. Cameron Winklevoss said Musk will return to Bitcoin after realizing that cryptocurrency mining is “really driving the renewable energy industry.” His brother Tyler also encouraged investors to buy the bottom. On May 12, Elon Musk announced that electric car company Tesla will stop accepting payments in Bitcoin. “Selfish and Cruel” “It’s true that Bitcoin has an impact on the environment and that’s one of the controversial things. For environmentalists and scientists, there’s no doubt that Bitcoin uses a lot of energy,” the teacher said. Professor Layne Hartsell at the Asia Institute commented in an interview with Zing . “However, mining for Bitcoin – the asset considered ‘digital gold’ – is actually less impactful than mining for gold, one of the worst environmental disasters,” he added. In fact, just last month, Musk voiced his support for an article called “The Bitcoin Clean Energy Initiative” by Square Crypto. The article refutes the argument that the Bitcoin network causes serious environmental damage and destroys the planet. According to the article, Bitcoin mining will encourage increased use of renewable energy, replacing carbon-emitting fossil energy. Musk quickly shared the post on Twitter and commented: “Yes.” If Bitcoin is bad for the environment, we should ask Musk about the carbon emissions of SpaceX rockets – Oluwafisayo Williams According to the Bloomberg , Musk’s turn shocked many crypto fans. Nic Carter, an expert at Castle Investment Management, described his move as “very strange and confusing”. Mr. Oluwafisayo Williams, 32, a doctor in Sheffield (England), was even more harsh. Mr. Williams used the words “selfish and ruthless” to describe Musk’s heart. He started pouring money into cryptocurrencies at the beginning of the year. “If Bitcoin is bad for the environment, we should ask Musk about the carbon footprint of SpaceX rockets. I don’t think he has taken the time to research Bitcoin. Musk is using his power to gain control. market,” Mr. Williams criticized. On April 26, Tesla reported a record profit of $ 438 million in the first quarter. As usual, the profit was made by selling emissions limits. However, the company’s Bitcoin sale also contributed $101 million to the profit. According to the report, Tesla recorded $1.5 billion in “digital asset” purchases and $272 million in digital asset sales in the first quarter. The firm said Bitcoin sales contributed up to 101 million USD. As such, the company promptly sold some Bitcoin and made a profit of 101 million USD when the Bitcoin price skyrocketed. “Playing with investors’ pockets” Musk is not completely turning away from cryptocurrencies. In his announcement to stop accepting Bitcoin payments, he admitted that cryptocurrency is still a good idea. Musk is also looking at other coins that use less energy. Dr. Williams in the UK does not care about Musk’s views and insists he is still optimistic. Some people working in the crypto space also think the issue is overblown. According to them, the drop is the right time to buy. “The sell-off could help Bitcoin price reach new record highs,” said David Grider of Fundstrat Global Advisors LLC. Meanwhile, crypto billionaire Mike Novogratz still encourages investors to buy Bitcoin. He thinks Musk is just trying to use his influence to make cryptocurrency mining “greener”. Bitcoin price plummeted after the announcement of billionaire Elon Musk on May 12. Meanwhile, Mr. Dave Portnoy – founder of Brash Barstool Sports – is not satisfied with Musk’s move. According to Mr. Portnoy, when a billionaire changes his stance too quickly, he is playing with people’s futures and pockets. Aaron Smith, 29, a trader based in Essex (UK), has moved most of his portfolio to cryptocurrencies. He thinks that the Tesla boss needs to learn more about cryptocurrencies. Mr. Smith remains bullish on cryptocurrencies and considers Musk’s backing as shocking news. “Billionaires influence all markets, not just the crypto market,” he commented. “But people feel the influence in the crypto market more clearly because of the smaller cap,” he added.
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