Tesla CEO Elon Musk just went Thanos and snapped a staggering $365 billion off the cryptocurrency market in just a single tweet. This after the billionaire announced that his electric car company would be halting car purchases using Bitcoin (BTC) due to environmental concerns. Financial experts are now throwing in their two cents as to what they believe is going on with the Dogefather’s mind with this recent turn of events.
The tweet that wiped out Bitcoin billions
In his tweet, he stated that they are concerned by the increasing utilization of fossil fuels in mining Bitcoin and its transactions. He even highlighted the use of coal in virtual mining money, adding that it has the “worst emissions of any fossil fuel.” Sure, cryptocurrency is a good idea on many levels, not to mention that it has a promising future, according to Musk, but not at the expense of the environment. Further, at the tail end of his tweet, the CEO also noted that they are, as of late, on the lookout for another digital currency that uses less than one percent of Bitcoin’s energy consumption and transaction.
How experts see this
Talking to CNBC’s “Squawk Box,” Pomp Investments founder Anthony Pompliano discussed the latest happenings with Musk. When asked as to what is happening, he said that folks need to just “stick to the facts,” adding that people should not listen to what they say but watch what they’re doing.
Pompliano explains that Musk – despite his latest announcement still has billions of dollars worth of Bitcoins. According to him, this so-called “energy narrative” is just one reason why the CEO is holding on to his BTCs. He believes that what happened here could be just a marketing ploy from Tesla in which they draw attention to the issue, come up with a solution, and be the one who saves the day.
Now, if Pompliano’s hunch does fit in the bag, it would then be interesting to see what Musk’s company has come up with to solve this “energy narrative.” Remember, he still has those Bitcoins.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.