What Do Crypto Experts Say About Elon Musk's 'Turn Away' From Bitcoin | Smart Globies

What Do Crypto Experts Say About Elon Musk's 'Turn Away' From Bitcoin

What do crypto experts say about Elon Musk's 'turn away' from Bitcoin

Crypto exchange Gemini Cameron co-founder Cameron said on Twitter: "Looking back, this is a great bottom-fishing opportunity."

Crypto fans saw a shock early today when Elon Musk announced on Twitter that Tesla would stop accepting Bitcoin payments due to environmental concerns.

Meanwhile, just a few months earlier, Elon Musk himself said that Tesla bought $ 1.5 billion in Bitcoin. When Cathie Wood's Ark Investment Management cited a Twitter report that Bitcoin mining could actually consume large amounts of renewable energy, the billionaire replied, "Yes".

Immediately after Elon Musk's new announcement, Bitcoin fell 15% to nearly $ 46,000 then rebounded. As of 2:45 pm in Hong Kong, this currency recorded a decrease of 6.4% and traded around 51,039 USD.

Bitcoin price in session today.

Here are some crypto experts' opinions on this:

Will Bitcoin make a new high?

According to David Grider of Fundstrat Global Advisors, this could be the sell-off that could push Bitcoin to new highs. " We think this claim has been overblown, and it wouldn't be surprising if Tesla was signaling a green energy mining plan, " he said.

In a note on Wednesday, Grider said Bitcoin's price has eased, but he remains optimistic at $ 100,000 in the future.

Go find the answer

Investor Michael Terpin said: " The most plausible explanation is that Elon Musk is under pressure from ideas that a CEO of a green energy business owns cryptocurrency ."

He added: " First, the energy consumed almost without sending Bitcoin and the exploitation of this coin is also less energy-intensive than mining gold, or power supply systems Bank around the globe . "

Keep track of other digital currencies

Some other experts believe that it is very likely that Musk will aim to promote a different digital currency than green energy mining. One of the most likes on Twitter after Musk's announcement came from Billy Markus - co-founder of Dogecoin.

" If only there was a mined digital currency that produced a lower carbon rate than Bitcoin and had a dog logo on it, " said Markus .

However, for some, Elon Musk's move is just to add to distrust. Yassine Elmandjra, a crypto analyst at Ark, said in an answer to Musk's tweet: " Let's say your account was hacked without our knowledge ."

Meanwhile, Cameron Winklevoss, co-founder of crypto exchange Gemini Cameron, shared on Twitter: " Looking back, this is a great bottom-fishing opportunity .

Post a Comment


Contact Form


Email *

Message *

Powered by Blogger.
Javascript DisablePlease Enable Javascript To See All Widget