What does Elon Musk eat for lunch

Elon Musk: The crypto market is far too dependent on a rich man

Elon Musk tweets, and the crypto pack is running. So again today. The Tesla boss announced in a tweet that Tesla will no longer accept Bitcoins as a means of payment for its electric cars. The reason given: "We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the highest emissions of all fuels," said a statement from Tesla. "Cryptocurrencies are a good idea on many levels and we believe it has a bright future, but it cannot come at a high price for the environment."

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The abrupt result: the crypto market crashes. Shortly after the tweet appeared, investors use exchanges to try not only to get rid of Bitcoin, but also to get rid of all kinds of crypto assets. Within minutes, the market capitalization of crypto assets loses $ 300 billion - until the opportunists strike right away and buy the "dip" - so use the opportunity to buy BTC, ETH and Co. at lower prices. The exchange operators rub their hands: The trading volume rises abruptly on individual exchanges like Bitfinex by 150 percent, and the tills are ringing because trading fees are due for the trades.

Herd instinct instead of the brain

It shows again: The crypto market, which should actually function decentrally according to the basic intention and which is repeatedly sold as the "democratization of the financial world", in the end prefers to hear what the second richest man 8yep, Jeff Bezos, brings up more the scales) has to announce to the world via Twitter. It has been known for years that Bitcoin and Ethereum naturally have an energy and CO2 problem, even if unfortunately no one has yet been able to reliably calculate how big the problem really is (Trending Topics reported).

The CO2 problem of Bitcoin can unfortunately be talked about as small or large as you like

It was also well known that the Tesla investment in Bitcoin is problematic and does not fit in with the energy transition pioneer in the automotive industry (Trending Topics reported). But it doesn't matter, because Musk leads the way, the pack runs after him. When Tesla invests in bitcoin, that is considered mainstreaming, and many other companies are following. If Musk thinks Dogecoin is cool, then millennial traders will buy DOGE, regardless of whether it is a fun currency with no sense or purpose - it will be fine if the multibillionaire says it is.

The question that no one has asked yet: What if Bitcoin is perhaps not such a great means of payment and simply no one buys Tesla cars for BTC but prefers to hodel the crypto asset? Oh yes, that's right: Tesla makes you go eco, but your own BTC stocks (current equivalent: 2.2 billion dollars) stay nicely in the in-house treasury - the stuff may be environmentally harmful, but still worth something.

Tesla buys Bitcoin - but a green, sustainable investment looks different

Do your own research !!

But why is the entire crypto market in the red and not just the energy-hungry proof-of-work assets Bitcoin and Ethereum? Actually, proof-of-stake networks such as Polkadot (DOT), Cardano (ADA), Binance Coin (BNB), Solana (SOL) or Tezos (XTZ) should flourish, and of course - they are now available to Tesla and Musk as alternative crypto assets to pay for. But no: some of these assets are also clearly in the red because they are carried away by the herd instinct. Dear people, as the saying goes in the crypto world: Do your own research !!

And also an idea for Elon Musk: Since Tesla is not just a car manufacturer, but also a provider of solar energy: How about a contribution to supplying crypto assets with renewable energy?