With a single tweet, The DoGeFather might have sealed the fate of #bitcoin forever and signed its eventual death warrant…. Given sustainability / ESG are the power words big firms are in hot pursuit of, it will not be easy for BTC to enter mainstream or face wider adoption. Banks & Financial Institutions will simply not offer it to their clients (unless they are greedy, of course).
Only if the double standards were not this obvious…. FIAT consumes more energy to sustain/maintain, which isn’t sustainably sourced. Add to it the burden of the inefficient banking system that has created more inequality and injustice than good… Gold costs twice as much to mine. While one gets the boot, shouldn’t others face similar treatment too? So #NODollar happening soon?
Wiping $368bn off the markets with a single tweet is insane — and no one should be left to wander free without any consequences, not when Tesla holds a substantial amount of BTC in Treasury and does benefit from price movements? It appears the SEC punishment on the 420 gaff has meant the focus shifted towards the unregulated crypto market where the losers are unfortunately the retail investors putting their pandemic checks or their hard-earned savings…
One must ask an objective question — given the current tax treatment/uncertainty and inherent volatility with BTC price, why would anybody want to buy a tesla with bitcoin anyway? You may end up paying more than the actual cost of the car. Bitcoins are not optimal for transactions, its slow, limited and expensive — none of these are secrets one would only have uncovered.
The more optimistic view though is that with this tweet, he wanted to drive bitcoin to consume power from renewable sources, thus leading the world of finance in this regard. That is dependent on where it’s mined (mostly China and Russia), so unlikely that’s going to change soon, but is a possibility.
#NoFossilFuelMoney is fantastic as a rhetoric with little meaning in real life though. BUT if his move somehow was aimed at mobilizing the governments in China & Russia to move towards cleaner energy. Job Well done.
For now, Ether will climb up until he complains over its high Gas prices! :)
