Will Musk's defection to Bitcoin affect Bitcoin's continued progress?

After Musk turned his back on Bitcoin, Bitcoin fell for 3 consecutive days. Despite the short-term collapse of the encryption market, the long-term Holder firmly believes that Bitcoin will continue to move forward and raised the banner against Musk.

On May 13, Musk called the rapid growth of Bitcoin’s energy consumption crazy and suspended Tesla’s support for Bitcoin payments. For a while, Bitcoin believers criticized Musk, and Zhao Changpeng even canceled his attention. On May 16, Musk stated in a tweet that "Dogecoin is better than Bitcoin" that he would reduce Dogecoin's handling fee by 100 times. In the early morning of the 17th, Musk hinted on social media that Tesla may or has sold its Bitcoin holdings. For a time, the crypto market waterfall. However, on the afternoon of the 17th, Musk also said that Tesla did not sell any bitcoins, and the market subsequently showed signs of rebounding.

Musk used a series of operations to play around in the currency circle, and at the same time as the market roller coaster, Musk's Twitter message also received a lot of criticism from HOLDER. After this round, under Musk's "ambiguous" attitude, we may no longer believe that he is a strong supporter of Bitcoin, but will this affect the advancement of Bitcoin?

Musk: Twitter's "thousand-word" long tweets are already on the to-do list: Golden Finance reported that Musk said he plans to expand Twitter's word limit from 280 characters to 1,000 characters, and said that work is already underway It's in the to-do list. The last time Twitter changed the character limit was in 2017, when the company increased the character limit from 140 to 280. Earlier, when replying to users, Musk said that raising the word limit to 420 characters was a "good idea." Musk had a soft spot for the number "420". change. (business insider) [2022/11/28 21:08:02]

First of all, the issue of energy consumption has been criticized for a long time in the development of Bitcoin. But the data shows that more and more clean energy is being used for bitcoin mining. Under carbon neutrality, seeking clean energy and excess energy has become the development trend of Bitcoin. This process may cause pain in the development of the mining industry, but the road after transformation is still bright.

The New York Times: Musk is preparing for debt financing for Twitter's acquisition plan: According to news on April 20, Musk is currently preparing for debt financing for Twitter's acquisition plan. According to people familiar with the matter, Morgan Stanley, the partner of this acquisition plan, is currently raising funds for this acquisition. Musk is currently only considering debt financing with Tesla shares held by him as collateral, and does not consider equity financing for the time being. The financing will be completed as soon as this week.

Elon Musk plans to launch a takeover bid for Twitter (TWTR.N) within about 10 days, it was reported earlier in the day. Musk himself will contribute $10 billion to $15 billion in the acquisition, and other acquisition partners and companies will contribute about $20 billion. (New York Times) [2022/4/20 14:35:52]

In addition, according to Bitcoin.com, Galaxy Digital published a report last week titled "On Bitcoin's Energy Consumption: A Quantitative Approach to Subjective Issues." “The report takes a quantitative approach and compares the energy consumption of Bitcoin with that of other industries,” the authors describe. The report compares the energy consumption of the banking system, gold, and Bitcoin.

Justin Sun, the founder of TRON, will have an online conversation with Mayer Musk: Justin Sun, the founder of TRON, announced through tweets today that on September 7, he will attend \"The Sovereign" initiated and supported by the APENFT Foundation Robot Dog's Avatar in Metaverse\" online forum, with Mayer Musk, the mother of Tesla founder Elon Musk. Justin Sun revealed that he holds Mayer Musk's NFT work "Diamonds Are Forever-RACA to the Moon", and also mentioned ApeAvatar, an unannounced project of the APENFT Foundation. [2021/8/31 22:50:15]

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 roughly 240.61 TWh of energy per year and the banking system uses 263.72 TWh of energy per year. The banking system uses more than twice as much energy as Bitcoin. It can be seen that it is of little long-term significance to question Bitcoin simply based on energy consumption.

MyBookie launches bet on whether Musk will mention Dogecoin on SNL: Golden Finance reports that online sportsbook MyBookie is launching a bet on whether Elon Musk will mention Dogecoin on this weekend's "Saturday Night Live" (SNL) mentioned Dogecoin bets. People can also bet on whether the price of Dogecoin will hit $1 by Monday. MyBookie currently lists odds of Musk discussing Dogecoin as -500 and odds of Musk not mentioning Dogecoin as +900. [2021/5/8 21:36:21]

It’s worth noting that Musk has said he got a cut of the bitcoin transaction in 2013, and many of his friends have been trying to convince him to buy and sell bitcoin over the years. He also said that Bitcoin should have been bought at least 8 years ago, admitting that he was late to the party. Musk believes that Bitcoin is on the verge of being accepted by the traditional financial community. It is worth mentioning that on January 29th, local time in the United States on Thursday, Elon Musk revised his profile on Twitter, leaving only the word "Bitcoin". Overall, there is no doubt that Musk's KOL attributes have contributed to the rise of Bitcoin in this round. Therefore, when Musk's attitude changes, the blow to the Bitcoin market is also expected.

Although the market has changed, the use and development of Bitcoin has not stagnated. In May of this year alone, Bitcoin was favored in many fields such as art, medical care, and real estate.

On May 14, Exit, one of the largest music festivals in Europe, has begun accepting bitcoin payments. Just select the "Pay with Bitcoin" option on the Exit website and scan the QR code to make the transaction. On May 11, Palantir Technologies, a big data analysis company listed on the U.S. stock market, announced in a conference call that it will accept bitcoin payments and consider investing in bitcoin to add it to its balance sheet. Palantir was founded in 2003 by Peter Thiel, Silicon Valley's top investment godfather, and went public in 2020. Its main clients are official U.S. institutions. On May 10, UrbanTea, a Nasdaq-listed company and the parent company of the Chinese tea brand Mingyuntang, announced that its Chinese tea stores will begin to accept Dogecoin, Ethereum and Bitcoin for payment. On May 6, Nasdaq-listed auto insurance company Metromile allows customers to pay insurance premiums in bitcoin and allows policyholders to receive compensation in cryptocurrency. Chief executive Dan Preston said the new payment method was responding to huge customer demand.

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

Anthony Pompliano, founder of Morgan Creek, tweeted again today: "The richest man in the world has bought billions of dollars in the world's best performing assets over the past decade, but now spends his time trying to make an Internet joke Become more technically efficient. Untrue." Suspected to satirize Tesla CEO Elon Musk's recent opposition to Bitcoin and stand for Dogecoin.

Recently, the well-known Bitcoin analyst PlanB also said on Twitter that even with negative news such as the Turkish ban, US tax FUD, and Musk’s FUD on energy consumption, it will not change the course of the Bitcoin bull market at all. The current Bitcoin bull market appears to be following in the footsteps of the 2013 boom cycle, when BTC surged 10-fold in just a few months. Both the S2FX model and on-chain data suggest that we are only halfway to a bull run. In the next 6 months, it wouldn't be surprising if Bitcoin could go up 5 times more.

Norwegian oil industry billionaire Kjell Inge Rokke said recently that Bitcoin's mainstream adoption is inevitable. He believes bitcoin could be worth millions of dollars. Rokke owns nearly 70 percent of industrial investment firm Aker ASA, whose oil producer Aker BP has recently ventured into green technology and renewable energy. Additionally, Rokke's company is currently considering accepting Bitcoin as a form of payment.

Tags：

Blockchain