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Did Elon Musk Just Suggest Tesla Is About to Dump Its BTC?

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Did Elon Musk Just Suggest Tesla Is About to Dump Its BTC?

Tesla and SpaceX CEO Elon Musk may have implied on Twitter today that Tesla has sold, or plans to sell, its BTC

When Twitter user @Cryptowhale tweeted the hypothetical scenario that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #BTC holdings,” Musk replied with a single word: “Indeed.”

Although it is unclear what Musk is agreeing with, or if he’s even agreeing at all, the insinuation that Tesla could dump the 43,200 BTC it bought in February this year for $1.5 billion helped depress the price of BTC by almost $5,000 dollars, down to $44,700. 

Musk, who has spent much of the year supporting BTC, started to trash the coin earlier this week, finally wisening up to the environmental damage caused by fossil-fuel-powered BTC mining operations. 

The rest of today’s damage was done when Musk widened his criticism against BTC, lobbing invectives against crypto Twitter’s brightest and best BTC maximalists, and tearing apart their claim that proof-of-work mining helps decentralize the network. 

“Hey cryptocurrency “experts”, ever heard of PayPal? It’s possible … maybe … that I know than you realize about how money works, [sic]” tweeted Musk, who helped found the payments giant.

Musk took aim at crypto podcaster Peter McCormack, who described Musk’s recent criticism of the environmental impact of BTC as “poorly informed.” 

McCormack had explained at length why he believes Musk is wrong—mirroring the innumerable Twitter threads that do the same. Musk retorted: “Obnoxious threads like this make me want to go all in on Doge.” 

Musk also trained his sights at Michael Saylor, the BTC ultra-bull, who has used the treasury of his company, US cloud computing firm MicroStrategy, to spend billions of dollars on BTC

Musk called him “Saylor Moon,” and suggested he dress up like the anime character Sailor Moon “with ‘BTC’ tattooed high on thighs.” Saylor took the jibe on the chin before redirecting Musk to his educational site for BTC:

Musk ripped through the claim that BTC’s proof-of-work consensus mechanism helps it stay decentralized. 

He tweeted: “BTC is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and BTC hash rate dropped 35%. Sound “decentralized” to you?”

Flooded Coal Mine Highlights Chinese BTC Miners’ Reliance on Dirty Power


What or whom will Musk attack next? Read it here first. 

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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