If there was ever a time when it needed to be demonstrated as to why one person should not have access to an abundance of power, influence, and control, one would not need to look further than what is currently happening with Elon Musk and Bitcoin (BTC).
The billionaire and Tesla CEO made it known a little while ago that his company will no longer be accepting payments made in BTC due to ‘environmental concerns.’ This resulted in the flagship cryptocurrency’s value decreasing drastically, as it is currently trading at $45,071 as of the time of this writing (which is a 6.2% decline since yesterday).
Many have since called him out on this, saying that he is acting like a selfish hypocrite, with some even going as far as to say that not only does his own company waste energy and generate pollution through the creation of its products but that the world needs money and capital right now much more than it requires electric vehicles and space rockets.
New monthly low for BTC
As per the most recent developments, BTC is now at a new monthly low following Elon’s implication that Tesla may, in fact, dump all of the Bitcoin holdings in its possession. This threat had arrived shortly following a lot of arguing had taken place, and many investors had insulted Elon after feeling betrayed by his recent actions. As a response, Elon has now indicated that it may be extremely likely that he will have Tesla completely remove BTC from its respective balance sheet, an announcement that has sent the crypto community into a frenzy.
There are some who would say that Elon’s decision may be justified due to all of the hate that is being hurled at his direction, and the billionaire may, in fact, be done with BTC entirely, although he did state earlier on that Tesla may reconsider investing in Bitcoin provided that the environmental issues can be addressed first.
BTC is ‘highly centralized,’ according to Elon
In related news, Elon has also stated that the world’s biggest crypto is actually highly centralized in nature due to the notion that only a few mining companies tend to control it.
“One coal mine within Xinjiang had been flooded not too long ago, which had catastrophic results and led to BTC’s hash rate dipping by 35%. Does this seem ‘decentralized’ at all”? Elon added.
As of this moment, BTC’s price is the lowest that it has ever been since the month began.