Elon Musk flips positive on Bitcoin (BTC), but the damage is already done

 Elon Musk flips positive on Bitcoin (BTC), but the damage is already done

Tesla CEO Elon Musk has flipped optimistic on Bitcoin as soon as once more. Talking throughout yesterday’s The ฿ Word convention, Musk stated the mining sustainability scenario has improved since he first raised objections in Might.

“It appears like bitcoin is shifting much more towards renewables and a bunch of the heavy-duty coal vegetation that had been getting used…have been shut down, particularly in China,” he stated.

At the moment, the Tesla boss stated his agency would cease accepting BTC for cost as a result of his considerations over using environmentally damaging fossil fuels within the mining course of.

Rightly or wrongly, many attribute Bitcoin’s 50% slide from its ATH squarely on Musk. The outpouring of hostility, in consequence, has broken his status within the crypto neighborhood.

Nonetheless, having seemingly flipped, will the neighborhood forgive and overlook?

Is Elon again on board with Bitcoin?

Including to the supposed shift in direction of inexperienced Bitcoin mining, Musk stated he needs to investigate the scenario additional. If his analysis exhibits BTC mining makes use of 50% or extra renewable sources, then Tesla could restart Bitcoin funds.

“I wish to do some extra due diligence to verify that the proportion of renewable power utilization is almost certainly at or above 50% and that there’s a development towards rising that quantity. In that case, Tesla will almost certainly resume accepting Bitcoin.”

As hell broke free over Musk’s Bitcoin snub in Might, Anthony Pompliano tweeted that the Bitcoin community already makes use of 75% renewable sources.

Pompliano was referring to a 2019 study carried out by CoinShares. Nonetheless, the report additionally talked about that this determine is down barely from November 2018, when it estimated renewable sources accounted for 78%.

Nonetheless, if the analysis by CoinShares is correct and nonetheless holds in 2021, the 75% determine is already method above Musk’s desired threshold of fifty%.

This, together with the incessant Twitter trolling all through this whole saga, has harm Musk’s standing within the crypto neighborhood. With that in thoughts, is it already too late for Musk?

The neighborhood stays frosty

Final month, sentiment monitoring agency Awario discovered that attitudes towards the eccentric billionaire had sunk to all-time lows.

By classifying tweets mentioning him as optimistic, impartial, and detrimental, the analysis agency discovered, post-Might, the proportion of detrimental tweets had elevated dramatically.

Concerning his latest “flip bullish” on Bitcoin, evaluation of social media feedback exhibits an overwhelmingly detrimental tone in direction of him.

For instance, probably the most upvoted touch upon this Reddit post reads, “Simply. Cease. Posting. About. Him.”

Scrolling down reveals different related feedback, together with the now-infamous “f*ck Elon.” This was coined by Bitcoin maxi Max Keiser, who went so far as naming his tour the F*ck Elon Tour.

As such, even when Tesla did resume Bitcoin funds, the crypto neighborhood has already proven they’ve moved on.

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