Monday, November 29, 2021


The founding father of one of many first bodily cryptocurrency exchanges has slammed what he perceives as hypocrisy on the a part of Elon Musk, after the Tesla CEO introduced the electrical automotive agency would cease accepting Bitcoin (BTC) as a type of cost.

The costs of hypocrisy levelled at Musk stem from the truth that round $1.5 billion value of Bitcoin stays on Tesla’s stability sheet.

Musk criticized Bitcoin vitality’s consumption in a latest tweet the place he announced that Tesla had suspended vehicle purchases utilizing Bitcoin. The sudden reversal by Musk comes simply six weeks after Tesla made huge information by announcing it would accept Bitcoin payments from prospects within the United State.

However based on Nick Spanos, founding father of Bitcoin Heart in NYC and co-founder of Zap Protocol, the presence of over a billion {dollars} value of Bitcoin on Tesla’s stability sheet means Musk remains to be prepared to reap the income of what he deems a grimy environmental hazard. Spanos advised Cointelegraph:

“I problem Elon that if Bitcoin is simply too soiled for him to simply accept as cost for his electrical autos, then it must also be too soiled to ‘hodl’ for income primarily based on everybody else utilizing it.”

“No less than Local weather Czar John Kerry divested from his thousands and thousands within the oil business earlier than taking his place of advantage,” Spanos added, referring to the U.S. politician’s sale of thousands and thousands of {dollars} value of oil shares previous to changing into Joe Biden’s Particular Presidential Envoy for Local weather.

One quandary posed by Spanos was the concept if Elon Musk was actually involved concerning the setting, he would permit the commerce of “soiled” cash in return for clear vehicles. Spanos mentioned:

“Curiously, Elon needs to disclaim green-conscious customers the flexibility to commerce their supposedly soiled coin for a clear automotive. That appears counterproductive.”

“An enormous part of Bitcoin’s energy consumption is sustainable as a result of reactivation and building of recent hydroelectric sources,” reminded Spanos, hinting on the rise of renewable mining sources which some studies estimate account for over 70% of crypto mining happens utilizing renewables in some trend.

Spanos referenced the eye introduced on Elon Musk by the U.S. Securities and Trade Fee when he was deemed to have manipulated Tesla share costs with irresponsible and ill-considered tweets.

Is Musk now subjecting Bitcoin and Dogecoin (DOGE) to the identical slings and arrows of outrageous fortune that befall a cryptocurrency when a world-renowned billionaire decides to take an curiosity in it? Spanos requested:

“Possibly, like together with his DOGE-for-Tesla tease, that is all contrived to govern Bitcoin’s worth. Didn’t he get into bother for manipulation of Tesla share costs?”

Dogecoin proved reactive to Musk’s tweets once more on Friday after the Tesla CEO revealed he was working with developers to enhance the transactional effectivity of the meme coin blockchain. The DOGE worth jumped 26% within the quick aftermath of the tweet.