Why is Elon Musk Against Bitcoin Mining

Source: moonstats.com

The world of cryptocurrencies is a world full of possibilities. They are the latest finance novelty to emerge and drive people crazy. All the investments that were made in the past period were made in that direction, ignoring all previous options such as shares or investments in real estate and private business. They are the latest boom that is happening, and the biggest hero in that situation is Bitcoin, which is the most popular, but also the most progressive option that is decided by many investors. What is Bitcoin? Let’s take a brief look at what the option is.

Bitcoin is the first-ever announced option for investing in cryptocurrencies. It is an option that was first introduced about 11 years ago when an idea came up that almost no one believed in. As time went on since the announcement of Bitcoin and the concept on which it is based, more and more people began to believe in Bitcoin as an option. The growth of this cryptocurrency has not stopped in recent years. It is true that there have been declines in value, but there is no denying the fact that it is in long-term growth and that it is the best option that an investor can decide. It is based on mining, but also on trading, ie selling and buying coins. This concept proved to be great, the value proved to be big enough and high enough, and it started to attract big beasts like Elon Musk.

Elon Musk is the owner of Tesla who enjoys great wealth. He and his company managed to make millions and enjoy great popularity, fame, and respect among the people and the business community. Apart from Tesla, he has several other successful projects he is working on. His successful mindset at one point led him to consider introducing Bitcoin as a payment option in his company. He came up with the idea to allow all interested buyers to buy their Tesla with Bitcoin, and thus give a different solution that none of the other large companies has decided yet.

It provoked a lot of positive reactions from the general public, but it was too short. After a short time, Elon Musk decided to reverse his decision. It happened at a time when the value of Bitcoin was falling, so many people thought they had changed their minds. But no! He was an opponent of the process that is typical for Bitcoin, and that is mining. Why did this company and its owner suddenly stand up against Bitcoin and mining? What is the reason for that decision? It remains to be seen because that is exactly the topic of today’s article.

Source: cnbc.com

How did the whole thing start with Bitcoin and Tesla?

At the end of 2019, Elon Musk, who owns the big giant Tesla, started to declare his views on Bitcoin as the most popular crypto option. His views were generally positive and very promising, which means that he likes this crypto option and the way it works and trades with this currency that requires knowledge, but it is not necessary if you choose the bot solution discussed by experts from trustpedia.io.

Elon Musk in early 2024 slowly began to express certain views that this crypto option could very easily become acceptable to Tesla, after which he came out with an official position that Bitcoin will soon be a new payment option in Tesla. So he wanted to allow Bitcoin customers to buy a car from Tesla, but that did not last long. He then stated that Bitcoin will no longer be an option at Tesla, and why we did it we find out in the continuation of this article.

Source: forkast.news

Why did Elon Musk change his mind and point out that he did not like Bitcoin?

After pointing out that Bitcoin is a great option that will accept Tesla as a means of payment for the purchase of vehicles, Elon Musk changed his attitude. After a while, he came up with a new attitude and announced that Bitcoin is no longer an acceptable option in his company. What is the reason for such a radical change in Musk’s attitude? The reason is the following.

Musk said in a statement earlier this year, which he shared on Twitter, that he was against the pollution caused by Bitcoin mining and that was why his company would not accept them. He said his company did not want to be part of a story that was not as eco-friendly as his. After this statement, the price of Bitcoin started to fall, and his statement was understood by the public, which categorizes this statement as unrealistic and inaccurate, which we will talk about below.

Source: economictimes.indiatimes.com

However in the end the attitude of the people is that he is wrong!

Musk disappointed everyone with his statement. Disappointment came from all sides, especially from those who have Bitcoin and wanted to buy a Tesla vehicle with them. The general public thinks that Musk is wrong with his statement. They assume that this is one of his calculations with which he wants to shake the trust in Bitcoin, but also to weaken the value, which is already high. They think he may have wanted to popularize some of the other cryptocurrencies he listed, such as Dogecoin, which is growing steadily. Despite all the statements that seem seemingly realistic and factually substantiated, Bitcoin users and the general public believe that this is not a serious statement, that it is wrong, and that with it he is only losing potential buyers.

Whether the statement is wrong or not, Musk eventually rejected this crypto option as a payment option for his big company. His company Tesla continues to grow, and Bitcoin continues to decline slightly. In the coming days, it remains to be seen whether his decision will change, but also whether and what will be the impact on this crypto option that has held up so far. We believe that things will improve and that Bitcoin will withstand this shock.