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The Musk Effect

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Written by   417
3 months ago

The known South African physicist and magnate, creator of Tesla Motors. We all, or at least most of us know the influence that the fickle billionaire has achieved over time in the great world of cryptocurrencies.

About three months ago during the year 2021 he announced a purchase made by him of US $1.5 billion in BITCOIN, the first and the main recognized cryptocurrency in the market. This news caused the digital currency to increase in value by 17%, which brought the coin to a record price of $44,220

BITCOIN Statistics February 2021

But even though it has not stayed at that price, it has not fallen sharply and even with every fall it rises again and resurfaces. The difference for this moment is that Elon Musk has been the one who has “caused its fall”. Since just a twitter message through which he mentioned that his company Tesla Motors would stop accepting Bitcoin as a payment method, which shocked the crypto digital world.

Elon Musk’s tweet

Elon Musk was simply another cryptocurrency user who decided to take the best decision about his own business of which we must highlight his great interest in the environment and the called "green capitalism" through the use of his own company Tesla to be an eco-friendly product.

Through his opinion expressed on the social network twitter he spoke about his consternation about the high cost of Bitcoin mining and transactions as as well as the use of environmentally damaging fossil fuels.

He further highlighted the fact what a great idea Bitcoin is for the future and how he would welcome a return to it as soon as mining changes to more sustainable energy.  And that he is looking for other cryptocurrencies with a lower transaction fee range for investment.                                                                                                                   

Analyzing the situation we can now say that Bitcoin has been completely distorted because besides its pollution and its high energy consumption, the same maximalists, miners and speculators of the cryptocurrency have been in charge of deforming it and making an anti-philosophical use of it where they only take advantage of it and do not think about what was its real purpose and Satoshi Nakamoto's philosophy for a new economy that makes a change in our world, mind and culture.

It is totally acceptable, then, the decision Musk has made to be involved in an environment that is constantly being shaken by speculators and maximalists who at this point still want to blame Elon Musk that because of a single 120-character post he is the influencer of the currency's ups and downs.

 BitcoinCash is the best option

This time Elon is disclosing a problem that BCH people were discussing for more than 3 years ago, we already knew that at some point Tesla would desist from using BTC for transactions, of course we did not expect it so soon, but even Dogecoin is shown in its layers still easier to mine than BTC less collapse and more energy saving mechanisms, Bitcoin Cash has all the characteristics of a Cryptocurrency that does protect the Environment and that is more forward-looking and more likely to be scalable.

These facts are not shown by the Core people to the newbies who put all their money into BTC to try to earn something ... and when they finally get their transaction they realize how slow and expensive the fees are.

This is happening is very worrying, but in the BCH community we have already gone through worse times and we have seen better recoveries than history shows, Elon Musk at some point will have to study BCH and will write in a tweet that the solution to the world of commercial and institutional adoption for 100 years from now is BCH

Now, what do you think about this? Do you think Elon Musk has made a good decision?

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Avatar for BCHouseVE
Written by   417
3 months ago
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This man is a bitch. Because of him, the "crypto market is suffering . i hope this bear will end soon

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