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 :)