Elon Musk meets with the leading US Bitcoin miners and makes a call for Doge developers

Yesterday was an interesting day about crypto. The Chinese FUD news had hit the market once again, this time focusing on the ban of Bitcoin mining in China which led in a a strong market pullback.

Finally, after the constant dips, the market started to stabilize and find some support levels.

Then, a couple of tweets by Elon Musk, helped propel Bitcoin to around $39,000 and everything started pumping again with most hot coins making considerable gains in the past 24 hrs, but still a lot lower that their ATH of this cycle.

What were those news?

First, Michael Saylor of Microstrategy had facilitated a meeting between Elon Musk and leading US Bitcoin miners to discuss on going forward with making crypto mining more environmentally friendly and reaching ESG goals.

The Chinese ban on Bitcoin mining in this case, was a blessing in disguise for the cryptosphere, as the markets in the future should be less impacted by the ever-recurring China originating news about crypto mining bans.

Furthermore, the environmental impact of Bitcoin had become a concern, and if it is not mined in China, then it will be easier for US and Europe based mining companies to agree on environmental friendly mining that uses renewable energy and follow the Environmental Social Governance standards necessary for it. This will dispel once and for all the concerns of sceptics have about the energy footprint of bitcoin and result in positive market sentiments.

Then, Musk made a call for developers who wanted to support Dogecoin development. This came as a surprise, as in the past he claimed that he has been talking with the Dogecoin developers.

It looks like he will continue to push for scaling up Dogecoin, although his suggestion of

Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

has come under scrutiny from Ethereum's Vitalik Buterin in a blog posted in his website where he discusses the trade-off between scalability and decentralization.

I am not sure what to make of Musk's fixation with Dogecoin, one thing is certain that his influence to move the market has waned as even after his tweets yesterday dogecoin's price did not pump as much as it has done during previous similar posts by him.