The past two days have been rough for crypto. Elon is certainly trolling with his decision to stop accepting bitcoin for Tesla purchases. It doesn't make any logical sense that the costs associated with bitcoin are too harmful for the environment.  The U.S. dollar alone dwarfs the energy consumption of bitcoin . And Elon knows this and always has known. Im calling bull shit on that reasoning he gave in his twitter post. But that makes me wonder , what is the real reason? 

He is still accepting dogecoin , so it could be the most simple explanation for this move. He wants to pump his beloved meme coin(s). But, that seems too simple. I also don't believe he cares very much about the future of dogecoin. He bought 1.5 billion worth of bitcoin, not doge. I think the dogecoin stuff from Musk is more good PR than anything else. 

His move to start accepting doge and stop accepting bitcoin for payments is absurd since both coins are proof of work and require mining for running the network. Was this just a play to have a sweet reentry price to buy more bitcoin? That seems very much possible to me. On the flip side, he could really be attempting to distance himself from bitcoin . But if he was gonna do that , why wouldn't he sell more than just 10% of his holding last month , prior to his announcement yesterday? 

I keep trying to consider what his motives were for this decision. With the bloodbath my portfolio has taken the past 24 hours , my curiosity has only been growing. His announcement feels like deliberate manipulation of the market. Perhaps his billionaire friends told him they didn't want him to accept bitcoin anymore because it was hurting their bottom lines. 

That is where I see things being potentially bearish for crypto. If this decison by Elon Musk was influenced by people who don't like crypto ,(say Bill Gates , or Warren Buffet), we could be looking at the end of the bull run. If the institutions get out already the market will collapse, as retail consumers feel comforted by the fact that institutions have bought it. But I'm not really big on that theory. 

After wavering on this matter the past 24 hours oh, I've come to the conclusion that would have sold prior to this news coming out. Instead I think that we are looking at a potential switch from a proof of stake lead market. Elon even left possibility open for a switcih to a cheaper alternative.  Proof of stake is indeed the crypto answer to his alleged issue of Bitcoin's energy consumption. But again, I dont really believe that he cares about energy consumption.  He launches rockets into space. He doesn't care about energy usage. 

Maybe hes just mad at Vitalik Buterin for donating his free shiba coin to India and showing up meme coins. Maybe hes just revenge trolling the crypto market . That seems just as good a reason as any for his sudden love of the enviroment. 

Im still confident that the run is still going to continue. But for those who bought the tops for bitcoin or another coin, hang in there. You haven't lost if you haven't sold. I know the last 24 hours have been rough but thats how the money is made. The people who are rich from cryptocurrency did it from holding through a bear market. They held for years. Consider crypto a long term hold, if you cannot , then perhaps looking for more stable risk investments.  

But , seriously is Elon Musk a troll ? I say this was most definitely a troll move by him. 

Thanks for reading.