Anyone who has been paying attention to crypto longer than 45 minutes is well aware of the Bitcoin energy consumption narrative. This is a not a new idea. When Elon Musk put bitcoin on the corporate sheet, I assumed he would couple that action with an education on bitcoin's energy consumption. I assumed he would highlight bitcoin's energy data in relation to some of the egregious energy consumption vehicles that generally get a pass for some reason.
An obvious question I assumed he'd address: how can a company that is seemingly on an environmental mission start encouraging use of a financial asset that is viewed by many as detrimental to the environment? Not only did we not get that education, but Musk is now actively perpetuating the notion that bitcoin is an energy suck. Why? And why now?
This flip flop on BTC comes just days after Elon's SNL appearance in which he affirmed that Dogecoin is "a hustle" after pumping it on social media for months. What the hell is happening with Elon Musk?
Some possibilities:
1) Elon is fucking with everyone for some reason.
Though I can't understand why he'd do this, who knows? We had the funding secured tweet. Sparking up on Rogan's pod. The guy just does shit to do shit it seems. Still I don't think this explains it.
2) Elon is intentionally manipulating the crypto market.
For a time, Elon was the wealthiest person on the face of the earth. He's still the second richest person on the planet. I really don't think he feels compelled to pull market strings in the cryptos for personal gain. He doesn't need to.
3) Elon just isn't as smart as everyone thinks he is.
Maybe Elon is actually just an opportunist who tweeted his way into massive wealth and doesn't really know shit about what he claims to.
4) Elon is caving to some sort of pressure.
Shareholders who don't parallel with crypto. Government actors who could make life difficult for Elon. I could see this to a degree, but I don't think the guy who said "I do not respect the SEC" on 60 Minutes really cares what the government wants him to do.
I'm sure there are other possibilities that I'm not thinking of at this time. Truth be told, I'm leaning towards 3. Is it possible Elon is just a bullshitter with a huge following? If so, who else does that sound like?
I don't know. What a weird week though.
Also. Hello, LeoFinance. Glad to be here.
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