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One early blockchain entrepreneur believes Elon Musk lacks spiritual integrity in his Bitcoin management.
The founder of one of the first physical cryptocurrency exchanges has blasted Elon Musk for what he sees as inconsistency after the Tesla CEO revealed the electric car company will no longer allow Bitcoin (BTC) as a type of payment.
Musk has been accused of hypocrisy due to the fact that almost $1.5 billion in Bitcoin sits on Tesla’s balance sheet.
Musk attacked Bitcoin energy use in a recent tweet in which he revealed that Tesla had halted Bitcoin car transactions. Musk’s abrupt turnaround came just six weeks after Tesla made headlines by revealing that it would welcome Bitcoin payments from consumers in the United States.
However, according to Nick Spanos, founder of the Bitcoin Center in New York and co-founder of the Zap Protocol, the existence of over a billion dollars in Bitcoin on Tesla’s balance sheet indicates that Musk is still able to benefit from what he considers a polluted environmental threat. Spanos stated:
“I challenge Elon that if Bitcoin is too dirty for him to accept as payment for his electric vehicles, then it should also be too dirty to ‘hodl’ for profits based on everyone else using it.”
“At least Climate Czar John Kerry divested from his millions in the oil industry before taking his position of virtue,” Spanos added, referring to the U.S. politician’s sale of millions of dollars worth of oil stocks prior to becoming Joe Biden’s Special Presidential Envoy for Climate.
One quandary posed by Spanos was the idea that if Elon Musk was truly concerned about the environment, he would allow the trade of “dirty” coins in return for clean cars. Spanos said:
“Curiously, Elon wants to deny green-conscious consumers the ability to trade their supposedly dirty coin for a clean car. That seems counterproductive.”
“A huge component of Bitcoin’s power consumption is sustainable due to the reactivation and construction of new hydroelectric sources,” Spanos reminded, alluding to the growth of green mining sources, which some studies say account for over 70% of crypto mining in some form.
Spanos referred to the scrutiny heaped on Elon Musk by the Securities and Exchange Commission after he was found to have manipulated Tesla share rates by reckless and rash tweets.
Is Musk now subjecting Bitcoin and Dogecoin (DOGE) to the same whims and fancies that befall a blockchain when a world-renowned billionaire chooses to invest in it? Spanos inquired:
“Maybe, like with his DOGE-for-Tesla tease, this is all contrived to manipulate Bitcoin’s price. Didn’t he get into trouble for manipulation of Tesla share prices?”
On Friday, Dogecoin reacted to Musk’s tweets once more, after the Tesla CEO announced that he was collaborating with developers to increase the transactional performance of the meme coin blockchain. In the immediate aftermath of the tweet, the price of DOGE increased by 26%.