Elon Musk Expresses Skepticism Over Kraken CEO’s Claim Of Bitcoin Being ‘Greener Than Critics Say’

Elon Musk Expresses Skepticism Over Kraken CEO’s Claim Of Bitcoin Being ‘Greener Than Critics Say’
ôîòî ïîêàçàíî ñ : zycrypto.com

2021-6-17 18:32

Tesla/SpaceX CEO Elon Musk has long maintained that owning bitcoin is better than holding cash. But for him, the cryptocurrency’s success shouldn’t come at a great cost to the environment. Musk recently reacted to comments made by Kraken CEO Jesse Powell in a tweet.

Musk To Powell: Based On What?

During an interview with Bloomberg, the Kraken chief stated that the world’s oldest crypto is actually “a lot greener than people give it credit for. It’s a way to bootstrap renewable”. In this regard, Powell believes Musk needs to study more about bitcoin mining.

Musk commented on Twitter, asking what data his assumption was based on. This clearly shows that the self-appointed Dogefather is a bit skeptical about bitcoin’s greenness.

Based on what data?

— Elon Musk, the 2nd (@elonmusk) June 17, 2021

As you are well aware, Elon Musk’s tweets about bitcoin have had a massive impact on its volatility in recent months. The CEO has been constantly accused of intentionally pumping and dumping in order to profit from huge price swings. 

Musk has been kind of a Pied Piper to bitcoin ever since Tesla splurged $1.5 billion on BTC and revealed that the company would be accepting the cryptocurrency for vehicle sales. A few weeks later, however, Musk had a change of heart and sent out a tweet saying Tesla would be discontinuing bitcoin as a means of payment owing to concerns about the cryptocurrency’s energy consumption. 

Now in another about-face, Musk recently hinted that the bitcoin ban at Tesla is temporary. He said the all-electric car manufacturer is open to resuming bitcoin payments once its clean energy usage reaches 50%. Musk also confirmed that Tesla has not sold more bitcoin besides the 10% that the company sold earlier on to prove the cryptocurrency’s liquidity. 

It bears mentioning that this revelation by Musk bolstered BTC prices. In confluence with other bullish news, the bitcoin price surged from circa $35K to over $41,000, before stabilizing at $38,800 at the time of publication.

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Ark Invest: Bitcoin Mining Net Positive to Environment, Concerns of BTC’s Energy Consumption Are Misguided

Following concerns raised by Tesla CEO Elon Musk about Bitcoin’s energy consumption, global asset manager Ark Investment Management explained that the concerns are “misguided. ” Referring to its research using real-world data, the investment firm emphasized that “the impact of bitcoin mining could become a net positive to the environment.

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2021-5-17 15:32


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