Bitcoin & Elon Musk II
*Spoiler* The sequel is never as good...
The sentiment towards Elon Musk has taken a bit of a dive on Twitter, and for good reason too - he earned it with this rubbish about the carbon footprint of Bitcoin transactions.
What should have been dismissed as a bit of corporate virtue signalling for government subsidies (and placating BlackRock), actually tanked the BTC price when it was already looking soft. BTC went on to clock a -50% loss.
It’s been quiet from Mr Musk since, and the BTC price began to form a recovery. Then Yahoo plublished this article yesterday
Musk responded with this and this. Only this time BTC fell about 3% — and has already started recovering. Is his influence wearing thin? I don’t think so. Perhaps people are realising that none of this was a big deal anyway.
What’s the message from Elon? He doesn’t care what you think of him.
He’s only interested in his investment. So long as Tesla still holds +$1 billion, this is mostly posturinig for other purposes. If you sold because of his tweets, I’m sorry for your loss.
It has been painful in the short-term, but if we step back and look at the bigger picture:
Market has let off some steam - it needed to!
We will get solid data on renewable energy mix consumed by N.American miners. This is urgently needed to counter the global FUD campaign, which has been very effective so far.
Bitcoin is already forming a bottom and we should see a recovery in the next 4-8 weeks.
Thank you for reading. If you have enjoyed this newsletter, please share it with your friends.
p.s. What do I think of Elon? He’s a bit of a shithead, but so am I, so…
He’s not the messiah, he’s just a naughty boy :)
Very well put. And what do I think of him? Obviously a genius in some areas, a complete fool in others. The Bitcoin community doesn't need him and we'd be better off long term if he exited along with his investments.
What do I think of Elon??? A kid with an ant farm... That's him...