What?

Ok, that question is a little vague.  Even if you hadn’t heard why, you most definitely saw the price drop in most of your crypto holdings yesterday. The short version, Elon Musk is discontinuing the use of Bitcoin for transactions at Tesla because of the environmental impact of mining. 

Now, I don’t get into discussions of non-crypto/financial matters on Publish0x, so once again make up your mind on climate change. Let’s just look at what happened from a crypto perspective.  Actually, let’s just ponder a couple (confession time, these usually are all  more than just one question) of questions on this.

One, Elon Musk makes a lot of money off of crypto and says he will not be selling his 2.5 billion worth of crypto. He also stated that he will be looking to use a cryptocurrency that uses less power. The first item to question: Has he increased a stake in a coin that he will soon make an announcement on that will subsequently skyrocket?

Next, why would Elon Musk fall right into lock step with Janet Yellen on this issue? When the fed secretary, who is struggling to control inflation and the printing of trillions of dollars, comes out to bash a currency that is in direct competition with US Dollar transactions, shouldn’t we maybe dig a little deeper into her motives. Instead, Elon Musk and Janet Yellen take the exact same position.

I know he referenced a study, but exactly how is he determining where the power to mine Bitcoin is coming from. China uses a lot of hydro-electric power for their mining. So, instead of banning crypto, why not look at what can be done to drive a more efficient and climate friendly solution, if that his concern?

Finally, aren’t the computers doing the mining plugged into the same outlets that Tesla’s are getting their power from?  I know not exactly the same outlets, but, you get my point.

Ok, one last thought, not a question for Elon Musk, but, to all users of crypto. We have all loved what Mr. Musk has done for crypto in the past, though, we might want to revisit how much power we give one person to drive the general acceptance and thought processes round crypto. Let’s not forget two things: Musk has made his billions already off of crypto and, second, he is a Climate Change activist first, Car maker, crypto enthusiast and rocket builder all takes a back seat to the environment.