Will Musk’s Reversal on Bitcoin Affect Bitcoin Moving Forward?

Bitcoin has fallen for 3 days in a row after Musk’s reversal on Bitcoin.

Will Musk's Reversal on Bitcoin Affect Bitcoin Moving Forward?

Bitcoin has fallen for 3 days in a row after Musk’s fall on Bitcoin. Despite the short term collapse in crypto market sentiment, the long term Holder is convinced that Bitcoin will continue to move forward and raise the flag against Musk.

On May 13, Musk called Bitcoin’s rapid growth in energy consumption insane and suspended Tesla’s support for Bitcoin payments. On May 16, Musk tweeted that “dogcoin is better than bitcoin” and said he would reduce dogcoin fees by 100 times. its bitcoin position. For a while, the crypto market waterfall. However, in the afternoon of the 17th, Musk again said that Tesla had not sold any bitcoin and the market then showed signs of rebounding.

While Musk played the cryptocurrency world with a series of operations that set off a roller coaster of the market, Musk’s Twitter messages also harvested a lot of scorn from HOLDER. After this round, with Musk’s “ambiguous” attitude, we may no longer believe that he is a strong supporter of Bitcoin, but will this affect Bitcoin’s forward movement?

First of all, this is a long-standing criticism of Bitcoin’s development. But data shows that more and more clean energy is being used for bitcoin mining. Under carbon neutrality, the search for clean energy and excess energy has become a trend in bitcoin development. This process may cause pains in the development of mining, but the road to the transition is still bright.

Furthermore, according to Bitcoin.com, Galaxy Digital published a report last week titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Problem. The authors describe, “This report takes a quantitative approach, comparing Bitcoin’s energy consumption to that of other industries.” The report compares the energy consumption of the banking system, gold and bitcoin.

According to the report, the Bitcoin network consumes an estimated 113.89 TWh / year in total. This estimate includes miner demand, miner power consumption, pool power consumption and node power consumption. The report estimates that the gold industry uses approximately 240.61 TWh per year and the banking system uses 263.72 TWh of energy per year. The banking system consumes more than twice as much energy as Bitcoin does. This shows that it makes little sense to question Bitcoin’s long-term significance simply on the basis of energy consumption.

It’s worth noting that Musk has claimed he got a piece of the bitcoin trade in 2013, and many of his friends have been trying to convince him to buy and sell bitcoin for years. He also said he should have bought bitcoin at least eight years ago and admitted he was late to the party. Musk believes that bitcoin is on the verge of being accepted by the traditional financial community. It’s worth noting that on Thursday, January 29th, Elon Musk changed his Twitter profile to include the word “Bitcoin”. In general, it seems that Musk’s KOL attributes are undeniable for Bitcoin’s current round of rally. Therefore, when Musk’s attitude changed, the blow to the bitcoin market was expected.

Despite the change in the market, the use and growth of bitcoin has not stagnated. In May of this year alone, bitcoin was favored in a number of fields, including art, healthcare, and real estate.

On May 14, Exit, one of Europe’s largest music festivals, has begun accepting bitcoin payments. On May 11, PalantirTechnologies, a US-listed big data analytics company, announced on a conference call that it will accept bitcoin payments and is considering investing in bitcoin and adding it to its balance sheet. Founded in 2003 by Peter Thiel, the godfather of top Silicon Valley investments, Palantir went public in 2020 and primarily serves clients in official U.S. institutions. on May 10, UrbanTea, a Nasdaq-listed company and parent company of Chinese tea brand Mingyuntang, announced that its Chinese tea stores will begin accepting payments in dogcoin, ethereum and bitcoin. On May 6, Nasdaq-listed auto insurer Metromile allowed customers to pay their insurance premiums in bitcoin and allowed policyholders to receive cryptocurrency compensation. CEO DanPreston said the new payment method could meet huge customer demand.

In addition to this, the path forward for Bitcoin has not been disrupted for Bitcoin believers. Matt Huang, co-founder and managing partner of Paradigm, tweeted that cryptocurrencies such as Bitcoin often challenge conventional thinking; whether Musk ultimately owns Bitcoin or not, Bitcoin will continue to move forward.

Anthony Pompliano, founder of Morgan Creek, tweeted again today, “The richest man in the world has spent the last decade buying billions of dollars of the world’s best performing assets, but now spends his time trying to make an internet joke technologically efficient. Unreal.” The suspected sarcasm is that Tesla CEO Elon Musk recently stood up for dogcoin by opposing bitcoin.

Recently, PlanB, a well-known bitcoin analyst, also tweeted that even with negative news such as the Turkish ban, the U.S. tax FUD and Musk’s FUD on energy consumption, it doesn’t change the course of the bitcoin bull market in any way. The current bitcoin bull market appears to be following in the footsteps of the 2013 boom cycle, when BTC soared 10x in just a few months. both the S2FX model and on-chain data suggest that we are only halfway to the bull market. It wouldn’t be the least bit surprising to see Bitcoin go up another 5x in the next 6 months.

Norwegian oil industry billionaire Kjell Inge Rokke recently said that it is inevitable that Bitcoin will go mainstream. He believes bitcoin could be worth millions of dollars. Rokke is said to own nearly 70% of industrial investment company Aker ASA, whose oil producer Aker BP recently became involved in green technology and renewable energy. In addition, Rokke’s company is currently considering accepting bitcoin as a payment method.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/will-musks-reversal-on-bitcoin-affect-bitcoin-moving-forward/
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