The offense and defense behind Musk’s “green” BTC, starting from the fall of the market

Let’s try to look at the controversy caused by Musk from another angle.

The offense and defense behind Musk's "green" BTC, starting from the fall of the market

Insight into the national strategy, take the pinch of human nature for profit, play the cryptocurrency, Musk can approach the grand vision of colonizing Mars step by step.

If you look at Musk from this logic, perhaps we don’t have to be so tit-for-tat about Musk’s “change of face” on Bitcoin – of course, if you see your Bitcoin depreciating in value, it’s hard not to scold him for it.

At 5:30 a.m. on May 13, the cryptocurrency world flash crash saw BTC fall from $54,700 to $45,700, a drop of more than 15 percent; in the following days (as of May 17), it continued to tumble downward to a low of $42,000, a drop of more than 22 percent. Contracts market bloodshed, hundreds of thousands of people burst positions tens of billions of dollars.

It started when Musk announced that Tesla would no longer accept bitcoin payments. It was worth the outrage, some people called him a liar, some people organized to launch attacks, sell Tesla stock, cancel Tesla orders …… but you think back to when Musk started shouting orders for bitcoin, you should be able to release – can’t play then Don’t play! Musk can have this meal god operation, because people play up.

In the world of cryptocurrency, Musk is just like a being with God’s perspective, early layout of bitcoin, dog coin, so that he gained the capital with the traditional financial giants BATTLE – this thing is crucial, because his Tesla is nine dead, tossed by the traditional financial players.

Musk’s years of hard work Tesla and SpaceX has been facing the pressure of financing, because it is a giant burning thing, revenue simply can not support. But after several rounds of mega financing, Musk has always been the largest shareholder of Tesla, which makes the financial giants of Wall Street red – their usual practice is to provide financing and gradually gain control; in the case of failure to gain control, it is usually to make you lose the ability to finance, and finally had to sell at a low price.

In 2018, Tesla was shorted by the capital market, a timing that was just right for traditional financial capital; Tesla was about to bear fruit without financing, and Musk had to give in to financial capital. This was Musk’s most difficult moment. Although he survived, Musk knew he couldn’t play the gang, which led to the story of his later shouting orders for bitcoin and playing with dogcoin.

In the world of bitcoin, Musk is ultimately a latecomer – he once expressed regret in an interview that he knew about bitcoin back in 2013 unfortunately he didn’t buy it at that time, when the price of bitcoin was less than $1,000. Waiting for him to call out orders to open a position when the price of bitcoin to more than $ 20,000.

But Musk still got a taste of financing on bitcoin. Tesla then “announced” that as of March 31, 2020, the fair market value of the company’s bitcoin holdings was $2.48 billion; meaning that if the company cashed in the digital currency, it could expect to record an investment gain of about $1 billion.

But there are concerns about the “taker” after all. The jokey existence of Dogcoin is combined with Musk, who was elected CEO by everyone.

With Musk’s “godfather” style of encouragement, dogcoin became a veritable 100-fold coin, while bitcoin’s rise was clearly incomparable and even lost out to the bull market. Musk inadvertently, moved Wall Street’s cheese. Grayscale Investments, the bitcoin “clear dealer” whose Bitcoin Trust holds more than 650,000 bitcoins worth more than $32.2 billion, is not having a good time.

On May 8, Barry Silbert, founder of Greyscale Investments, sat up and tweeted, “Well, DOGE (dogcoin) folks, it’s been fun. Welcome to the crypto world! But it’s time to convert your dogcoin to bitcoin. barry also said that he has already started shorting dogcoin.

How do you think Musk will feel when news of Wall Street’s shorting of dogcoin reaches his ears? This is a continuation of the last battlefield!

Musk used the excuse of “green”, energy saving and environmental protection – this fits with the Biden administration’s high-profile overthrow of the Trump administration’s energy strategy, which will rejoin the “Paris climate agreement”, and the image of responsible powers such as the United States and China are actively laying out the implementation of international carbon neutral targets.

Probably before Musk was shouted by the regulatory authorities to tea thing stimulated him, but also let him wake up – although the future to Mars can not be subject to the regulatory constraints of the sovereign government, not subject to the constraints of the Earth’s laws, but to make this thing or to engage in the Earth. The break with BTC is inevitable, he just found such a good excuse by the way to the sovereign government marked a state.

Musk launched a survey to pay for transactions with dogcoin Tesla proves that followers are numerous; he tweeted that dogcoin could speed up block time by 10 times, increase block size by 10 times, and reduce fees by 100 times. Dogcoin suffered a shorting by a bitcoin bigwig, and it’s not hard to understand Musk jumping sides to bitcoin. Only then can all of his actions point to the questionable and extreme pursuit ambition of colonizing Mars, which is rife with lies.

It’s just that Musk should be able to have a better plan. The “Godfather” type of followers and the “pyramid scheme” gene of air money will collapse in an instant. Taking a longer-term view, the cryptocurrency community should be grateful for the Musk-induced pullback in Bitcoin – the Layer2/Ethereum 2.0-based DeFi and NFT business application ecosystem will need a longer bull market cycle to complete.

In the past few weeks, a bunch of aircoins running out of Animal City ignited the cryptocurrency community with a sense of insanity, and a bubble of chasing up, like the round between 2017 – 2018. Without this episode, the bubble blowing a little more, may be the last carnival of this round of bull market.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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