ELON vs BITCOIN
Ok, I know its been a while but forgot about all dat. I am here now and quite a lot has happened. I'm not into long drawn out articles, so I'm going to sum it up as quick as I can below.
So... yesterday! Elon musk decided to tweet out(as usual) basically denouncing bitcoin. This is shortly after TESLA announces that will stop accepting bitcoin as payment. He claims that mining bitcoin is extremely harmful to the environment.
As usual, a huge announcement from a big player in the crpyto space will send the market spiraling. but... WHY would he say that knowing that is completely and utterly untrue???? Bitcoin takes an extremely small amount of energy to mine compared to modern day systems
76% of ALL bit coined is mined on renewable energy.
We know musk to be alot smarter than this.... and what do you know.. He is.
Tesla actually has a pending bid with the EPA in pursuance of a renewable fuel credit worth BILLIONS. This credit can be huge for $TSLA meeting its balance sheet numbers for investors this year. This move for the grey hairs who know absolutely NOTHING about the crypto space and will jump to conclusions on its technology. Good move Elon!