Elon Pulls Rug On Bitcoin Citing Environmental Sustainability Concerns

table border cellpadding cellspacing stylewidthtbodytrtd styleverticalaligntoppLast week was a sad week for Bitcoin diehards as one of our most beloved champions Elon Musk seemingly pulled the plug on his Bitcoin bet saying Tesla wouldnbspno longer accept Bitcoinnbspas payment for their cars due to environmental sustainability concerns In a direct assault on the worlds largest cryptocurrency the worlds largest man tweetedptdtrtbodytabletable border cellpadding cellspacing stylewidthtbodytrtd styleverticalaligntoptable alignleft border cellpadding cellspacingtbodytrtd styleverticalaligntoppimg alt srchttpsassetsbwbxioimagesusersiqjWHBFdfxIUibWUIscDRDkvxjpg stylewidthpx ptdtd styleverticalaligntopimg alt srchttpsimgsslconstantcontactcomlettersimagessysSgif styleheightpx widthpx tdtrtrtd styleverticalaligntopimg alt srchttpsimgsslconstantcontactcomlettersimagessysSgif styleheightpx widthpx tdtd styleverticalaligntopimg alt srchttpsimgsslconstantcontactcomlettersimagessysSgif styleheightpx widthpx tdtrtbodytablepWhile it is understandable that a company so closely tied to environmental preservation and sustainability would take such a stance it is still hard to believe that the company could flipflop so dramatically on the issue in the span of a few monthsppThe first elephant in the room is that the Bitcoin energy consumption debate is largely unfounded in reality As reported in our March stnbspa hrefhttpsmyemailconstantcontactcomIsBitcoinMoreEnvironmentallyFriendlyThanWeThoughthtmlsoidampaidIEOrZSCHeU targetblanknewslettera anbspa hrefhttpswwwjbscamacukfacultyresearchcentresalternativefinancepublicationsrdglobalcryptoassetbenchmarkingstudy targetblankstudyanbspby the University of Cambridge showed thatnbsproughly of crypto miners use energy from renewables as part of their energy mix with of the total electricity consumed coming from renewables For those who have done their research on Bitcoins energy consumption it feels less like this action was due to the environmental sustainability of Bitcoin and more about its perceived environmental sustainability For a company and a man so tied to environmental sustainability it feels like this was a reaction to a narrative risk as opposed to the truth that underly the topicppAs the energy debate has clearly become the top narrative for Bitcoin detractors it is now more important than ever for cryptocurrency enthusiast to find their voice and arm themselves with the facts to debunk the FUD However this announcement did not come without a glimmer of hope The tweet also made it clear that at this time Telsa does not plan to sell the Bitcoin they currently hold Clearly they still believe in the project but this may be a means of saving face for their diehard environmentalist investorsppAlthough this news dealt a sizable blow to the market cap of Bitcoin we must not forget the impact of a h news cycle With prices falling fast institutions are licking their chops to heavy up their exposure It wont be long before the news comes out of the next multimillion dollar Bitcoin purchase and the cryptocurrency world is set back in alignmentptdtrtbodytable