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Hey! We are all aware of Elon Musk's tweets of late, the same tweets that caused the prices of the entire cryptocurrency market to fall. This "anti-cryptocurrency" stance in a generic sense could be misunderstood as part of Musk's disengagement from Bitcoin, a stance also confirmed by what happened at Tesla only a short while ago.
However, there are other issues to consider, which need to be thoroughly analysed in order to understand what Musk's true position might be in the near future. Let's start by listing them clearly:
- Tesla (and Elon Musk) didn't sell its Bitcoins;
- Bitcoin will never live up to Elon Musk's expectations;
- Crypto and Blockchain do not depend on all of this.
While this may tell us little about Musk's opinion on the future of Bitcoin, the Tesla company is exposed for more than $1 billion and the commitment is financial and not technological. Which signals nothing, or almost nothing, in terms of trust in the protocol on the part of Tesla's CEO, but which nevertheless makes sense within the discourse considering the huge figure. Reconfirming this is Elon's tweet:
Then, if Musk cannot be satisfied with the transaction consumption of Dogecoin (of which he calls himself the 'Dogefather'), he will hardly be able to be satisfied with what Bitcoin consumes (and will consume): it is not less efficient, but simply a protocol with fewer compromises than others in PoW. Therefore, Bitcoin will never live up to Musk's expectations.
At least, Bitcoin and cryptocurrency revolution can certainly benefit from the active interest of many large companies but it does not necessarily have to rely on it to reach the next step, which is the evolution of the same, in terms of price and upgrades. Blockchain and cryptocurrencies are revolutionary enough projects to continue on their way without depending on a company that, although important, may change its mind (such as Tesla).
And you? What do you think about that?
Let me know! Bye! ??
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