What crypto insiders think about Elon Musk’s Bitcoin U-Turn

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Mint: Elon Musk announced on Twitter that his automaker wouldn’t accept payment in Bitcoin any more due to environmental concerns.

Cyptocurrency enthusiasts got a nasty shock Wednesday when Elon Musk, founder of Tesla Inc. and the second-richest person on the planet, announced on Twitter that his automaker wouldn’t accept payment in Bitcoin any more due to environmental concerns.

“and he decrees that no one will be able to buy or to sell, except the one who has the mark, either the name of the beast or the number of his name.” Revelation 13:17 KJV

After all, this is the same man who just a few months earlier said Tesla bought into Bitcoin, to the tune of $1.5 billion. He tweeted “True” in response to a thread citing research that mining the token might actually spur the uptake of renewable energy, from Ark Investment Management LLC. Bitcoin mining is known to be energy-intensive, with the industry prizing cheap and plentiful power supplies.

Here’s what some people in the crypto industry have to say about the development:

New Highs Await?

“This may be the selloff that sets Bitcoin up for new all-time highs,” said David Grider of Fundstrat Global Advisors LLC. “We think the news is overblown and wouldn’t be surprised if Tesla is signaling plans to make crypto ‘greener.’” In a note Wednesday, Grider said Bitcoin has been consolidating for months as its market dominance has waned, but he’s still bullish, with a target of $100,000.

Seeking an Explanation

“The most logical answer is that he’s feeling pressure” from people who think “that one can’t be green and own crypto,” said investor Michael Terpin, calling that position “uninformed.” Read More

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