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19 June 2021
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Abandonment of Bitcoin or displacement of Elon Musk’s pawns?

This week, Tesla announced that it has decided to stop using Bitcoin as a form of payment for ecological reasons. A day later, Elon Musk, the premier market influencer tweeted about working with the developers of DOGECOIN to improve the system’s transaction efficiency that Tesla could accept Dogecoin payments.

Why then does Tesla decide to quit for another cryptocurrency with no real use? The climate argument? He knew it since long before However he invested $ 1.5 billion in Bitcoin or even gave his customers the option of buying cars with Satoshi’s cryptocurrency?

Abandoning Bitcoin or simply moving Musk’s pawns? What are Elon Musk’s real intentions? Is Bitcoin Wiped Out By The Doge’s Triumph Or Is He Really Concerned About Climate Problems?

The climate: the perfect argument!

There is no doubt that Bitcoin poses some ecological problems as the process of mining cryptocurrency is very energy intensive. Bitcoin’s energy consumption is estimated at nearly 78.78 Twh, the equivalent of that of Chile. This makes the asset one of the biggest polluters in the world because its global share accounts for 0.21% according to BECI data. In this sense, Musk said:

′ ′ Cryptocurrency is a good idea… but it can’t be expensive for the environment, ”.

However, it will be remembered that during the month of February, the debate around Bitcoin’s energy consumption raged on the financial markets. That hadn’t stopped Tesla from investing in Bitcoin and offering crypto as a payment method to buy cars. At that time, Bitcoin had benefited and was rising 20% ​​on the stock market.

This week, she decided to stop using Bitcoin in a market where crypto has been in range for three months and is failing to break the $ 60,000 resistance bar. On the day of Tesla’s announcement, the crypto lost more than 6% in the markets. Days before the move, Elon Musk launched a poll-style tweet asking for opinion on the possibility of using Dogecoin as a payment method.

Crypto is over for Tesla?

Elon Musk posted on his Twitter account:

Tesla will not be selling Bitcoin and we intend to use it for transactions as soon as mining shifts to more sustainable energy. We are also looking at other cryptocurrencies that use less than 1% of bitcoin’s energy per transaction.

If Tesla took a break from Bitcoin, it paved the way for other cryptocurrencies.

To be clear, I firmly believe in crypto but I cannot drive a massive increase in fossil fuels, especially coal.

The Dogecoin is indeed the pink chosen by the manufacturer of electric cars. This cryptocurrency has been so popular with the boss of Tesla that it’s no surprise that after Bitcoin, it will be used as a means of payment within the company.

What are Elon Musk’s intentions

He has never hidden his desire to see Dogecoin surpass Bitcoin. But, intriguingly, he never claimed whether he invested in Dogecoin or not. So what are the reasons why he appreciates Dogecoin so much. Satisfying your ego or are there other financial reasons?

It should be noted that we are still looking for the whale which holds nearly 28% of Dogecoin. After Robinnood, could we have doubts about Elon Musk? Does he have a financial or economic interest in seeing Dogecoin rise in the markets. So many questions that one day we would like to find answers.

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