Elon Musk has flipped back to again say Bitcoin is now green enough to buy.
Remember last month when Bitcoin’s fossil fuel use was too much for Elon?
Well according to the Tesla and SpaceX CEO who yesterday spoke at the B Word Conference with Cathie Wood and Jack Dorsey, this is no longer a problem.
“I want to do a little more due diligence to confirm that the percentage of renewable energy usage [that is used in Bitcoin mining] is most likely at or above 50%”
“If so, Tesla will most likely resume accepting Bitcoin.”
Problem solved :)
During the conference, Elon also revealed that he owns Bitcoin for both his companies as well as in private holdings.
“I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.
Turns out that Bitcoin is going green and he’s a happy HODLer again.
Hooray!
Bitcoin’s fossil fuel use
But seriously, what a load of horseshit Elon saying that Bitcoin is now green enough for him and his companies is.
More like...
Question to Elon: “Is Bitcoin green?”
Elon’s REAL answer: “Only when BTC/USD trades at support.”
Right?
I mean just take a look at the chart with featuring the only Bitcoin support levels that matter.
(The 30K-40K range if you haven’t been following along.)
Bitcoin (BTC/USD) Daily:
Isn't it a crazy coincidence that right as BTC/USD hits key support, Elon Musk is back front and centre?
This time yapping on about how Bitcoin is suddenly greener than it was a month ago.
While all of the mainstream media outlets lap it up.
Give me a break.
It all comes back to the smart money
Markets are a cutthroat battleground pitting smart money against a plethora of dumb money.
Here we have yet another example of smart money taking advantage.
The smart money devouring the dumb is a concept I’ve talked about a lot on this blog and brought to the fore as the market pulled back (or depending on who you ask, while Bitcoin crashed)
Can you tell which category those buying Bitcoin for Elon’s companies would fall under?
Lol.
Retail traders are nothing more than liquidity for the rich to take advantage of.
And boy, doesn't the smart money know how to do it.
Don't waste your precious Bitcoin by providing the liquidity these guys need to trade.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Leave a comment and share your thoughts on Bitcoin going green, within the comments section below? Am I thinking about this the right way, or do you completely disagree?
This Bitcoin blog is exclusive to leofinance.io.