Crashed The Price Heavily, Why Elon Musk Ramped Up His Dispute With Bitcoin?

Musk’s tweets earlier this month on Bitcoin and other cryptocurrencies have greatly impacted the digital currency market. We can’t deny that tweets have a very big impact on society, especially when it’s about cryptocurrencies.

Although Elon Musk was fond of Bitcoin for a long time, his recent discovery about climate change and the cryptocurrency’s contribution to the escalating situation has made him go back to his own words.

Tesla won’t accept Bitcoin transactions:

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The latest controversy that sparked debate in the cryptocurrency world was Musk’s tweet on Tesla’s decision to stop accepting Bitcoin payments due to environmental concerns. He was fond of Bitcoin for a very long time but his sudden u-turn dropped the cryptocurrency from US$54,819 to US$45,700, its lowest since March 1, in just two hours following the tweet.

After a few hours, Elon also posted a graph that showed ‘Bitcoin electricity consumption’ denouncing the insane amount of energy used to produce this currency.

Bitcoins are mined using “proof of work” which involves solving functionally useless and computationally difficult puzzles that consume a large amount of electricity. The currency’s annual electricity consumption is estimated to be 148 terawatt-hours and rising, or around the same amount as Poland’s. To make matters worse, some of this energy is coming from coal power stations

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Just before denouncing Bitcoin, a few days earlier Elon Musk ran a poll on Twitter asking its followers whether Tesla should accept payment in Dogecoin. Besides, Musk’s recent tweet comes just days after his commercial rocket company, SpaceX, said that it would accept Dogecoin as payment.

Dogecoin price goes berserk

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“The Dogefather”, Elon Musk announced on Twitter that he would be talking about Dogecoin at Saturday Night Live (SNL) and whoop! made its price spike. After the tweet, the price went 20% up.

Musk and Dogecoin, a true love story.

Why is Elon’s new enthusiasm for Dogecoin? Back in April, Elon Musk mentioned Dogecoin for the first time when tweeting “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” as a result, the price of the coin went from $0.002 on April 1 to as high as $0.004 on April 4.

Ross Nicholl, one of four part-time Doge developers during an interview said that the team has been working with Elon Musk and receiving advice since 2019 to make the cryptocurrency a greener and cheaper alternative to Bitcoin. And of course thanks to

this, Dogecoin soared after Elon Musk said he was working with the crypto’s developers to improve its efficiency as a means of payment.

Dogecoin uses less energy per transaction than bitcoin, calculations used to mine coins are less complex, Bitcoin requires 707-kilowatt hours for each payment and Dogecoin just 0.12, so a switch could reduce Tesla’s environmental impact.

Now, what does Elon’s decision mean for Bitcoin going forward?

The truth is that no one knows and probably if they say they do, well they are lying. In recent years, Bitcoin has become a popular and respectable currency but relatively speaking, the entire cryptocurrency ecosystem is still growing, volatile and no one knows what Bitcoin is planning to do today, next week or next year.

The big issue is that Elon’s tweets accomplish a lot and help put a spotlight on the real world which automatically impacts not only Bitcoin but other cryptocurrencies. His anti-bitcoin stance caused an immediate 15 per cent drop, but prices are rising again.

Realistically, investors should be cautious when investing in any sort of cryptocurrency. Dogecoin rise is a good example of the greater fool theory where prices go up because people can sell overpriced securities to a greater fool, whether or not they are overvalued. That is, of course, until there are no greater fools left.

In this case, the Dogecoin bubble could grow but like everything, the bubble eventually will have to burst and investors could potentially be left short-changed if they don’t get out in time. It’s impossible to say when and if it will happen.

Additionally, cryptocurrency enthusiasts should look into developing instruments of economic value that do not jeopardize the future of the planet.


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