Bitcoin Energy FUD

What's up with Elon?

May 13, 2021

Tesla will no longer accept Bitcoin as payment for its cars - who cares, right?

Nobody in their right mind would pay for a Tesla with Bitcoin at this point of a bullmarket! So what gives? Why did Elon & Tesla have to make such a big splash about accepting Bitcoin when almost nobody was paying in Bitcoin? Did he really just find out about energy consumption? My good friend Dr Parik Patel said it best.

Elisabeth Steyn covers what I believe to be Elon’s real motivation - click through and read the thread:

What a lot of people in Bitcoin Twitter forget is that not everybody is a “true believer” - whatever that is. Bitcoin solves different problems for different people. Elon Musk owns Bitcoin because he wants to preserve the value of Tesla’s cash balance - perhaps hopeful of enhancing it with further gains! But he can’t book those profits as gains until he sells!

So Elon & Tesla make a splash with some nonsense about the energy consumption of transactions for the 5 car sales they might have had, they get to receive a huge government endorsed commercial benefit through the REC — AND retain their Bitcoin holdings. Who cares? It will all be forgotten in a week or two.

In the meantime, he did it again…

$2 Billion Leveraged Long Investors Liquidated

The liquidations are getting smaller and there seems to be less leverage in the markets…for now.

Samsung is connecting its smartphone’s cryptocurrency wallet to Ledger storage devices, adding to a string of recent crypto-centric news to come out of the South Korea-based technology giant.

  • Steve Cohen’s Point72 is poised to enter the crypto market.

  • The firm is set to take a holistic approach, investing across venture and its hedge fund business.

Thank you for reading :)

Please feel free to share with your friends.We’re already climbing towards 3000 in just over 1 week! 5K here we come!