Bitcoin Energy FUD

What's up with Elon?

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.

Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 @ParikPatelCFA

I refuse to believe that the CEO of a company worth $500 billion didn't know about the energy consumption of bitcoin before purchasing it and opening it up for transactions

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

Elisabeth Steyn @Elisabeth_Steyn

The environmental impact of #BTC is not news. Elon is not reacting to groundbreaking information about crypto. He's reacting to changes in the renewable energy credit (REC) market. And there have been two big pieces of news on that front. 🧵👇

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…

Michael Saylor @michael_saylor

MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTR

microstrategy.comMicroStrategy Acquires Additional $15 Million in Bitcoin at Average Price of $55,387MicroStrategy’s business analytics and mobility platform helps enterprises build and deploy analytics and mobility apps to transform their business.

$2 Billion Leveraged Long Investors Liquidated

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

Samsung Adds Ledger Wallet Support in Latest Crypto Tie-Up
- CoinDesk

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.

Samsung sold 75m phones in Q1 2021 - Statista

$20b Hedge Fund Point72 is poised to make a 'big' crypto market entrance - The Block Crypto

• 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!