Bitcoin: Return of the Jedi

By BeeHoward | Silent Sats | 13 Jun 2021


A long time ago in a distant Galaxy, there was a Republic of Planets. The Force guided everything. The Jedi preserved its harmony.
A fellow named Anakin Skywalker was highly respected and admired for his abilities.
Anakin dreamed big, he was more powerful than any of his contemporaries.

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The Jedi were his allies, but then he was frustrated by the Jedi ways, and feared he would not realise his ambitions in their company.
The Jedi Council in their wisdom didn't give admission to Anakin because he was not ready.

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Cut to present day Earth, Elon Musk is a leading Entrepreneur and the richest person in the World.
Bitcoin, a beacon of hope against Inflation and Governmental actions devaluing Fiat currencies.
Elon Musk onboarded the Bitcoin wagon when Tesla invested $ 1.5 B in it and that it will accept Bitcoin. He personally liked the Dogecoin more.
Bitcoiners were over the moon, Elon became a Crypto Trendmaker. His tweets sent Bitcoin higher and then Dogecoin to the moon.
A few months later, Bitcoin price began to show weaknesses. Elon tweeted that Tesla will no longer accept Bitcoin due to environmental concerns of Mining.
A Bitcoin Mining Council was formed to address this, and now they announced that
"Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining."

The intentions of Anakin then was indeed towards welfare and peace. He was misled, he turned and then he burnt the bridges.

It's funny that Elon tweeted this recently.

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And this.

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Is it almost our Obi Wan moment to say that "You were supposed to bring harmony to Bitcoin, not throw it into chaos." ?

Perhaps not. It is heartening to see that Elon's concerns are prompting more concerted efforts on Greener Mining Solutions and indeed a whole Mining Council being formed. An average crypto investor is treading uncertain times at the moment. However, it's important to remember that the macro signals couldn't be more Bullish. Among other things, the Global liquidity has been on the rise, Bitcoin is scarce and in high demand. The Government of El Salvador has now adopted Bitcoin as a currency.

The Return of the Jedi, this time with Anakin indirectly on the light side of the Force.

 

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BeeHoward
BeeHoward

Crypto learner


Silent Sats
Silent Sats

Exploring the crypto world, a learner. Market behaves with fear and greed. It is important as an investor to steer clear of emotions for long term gains. Here I look at stuff related to crypto, finance, art and culture. Not financial advice.

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