Elon Musk is lashed out because of his Bitcoin payment hypocrisies by a crypto Entrepreneur
A crypto pioneer believes that Elon Musk has been a hypocrite regarding his policy with Bitcoin.
After Tesla (The US-based electric car manufacturer) CEO Elon Musk announced that Tesla wouldn’t accept Bitcoin as a payment method for its cars, he was lambasted for being a hypocrite regarding his position about Bitcoin by the founder of one of the first physical cryptocurrency exchanges. The hypocrisy allegation comes from the $1.5B worth of Bitcoin that Tesla has still got on its balance sheet.
Tesla announced that it would accept Bitcoin as a payment method for US customers more than 40 days before Tesla CEO Elon Musk changes his mind regarding accepting Bitcoin and suspending this payment method because of its energy consumption and being hazardous to earth.
There is evidence that suggests that Mr. CEO is still interested in making a profit from what he calls an environmental hazard. Nick Spanos who is the founder of Bitcoin Center in NYC and co-founder of Zap Protocol believes that Elon Musk is being hypocrite regarding what he had said about Bitcoin as a danger to the environment due to the fact that Tesla still holds more than $1 billion worth of Bitcoin in its balance sheet. Mr. Spanos also challenged Mr. Musk’s pretext under which he decided to suspend Bitcoin as a payment method and said:
“I challenge Elon that if Bitcoin is too dirty for him to accept as payment for his electric vehicles, then it should also be too dirty to ‘hodl’ for profits based on everyone else using it.”
He also said “At least Climate Czar John Kerry divested from his millions in the oil industry before taking his position of virtue”, He obviously referred to the major selling of millions of dollars worth of oil stocks that were sold by a major US politician before being appointed as Joe Biden’s Special Presidential Envoy for Climate.
Spanos suggests that if Elon Musk cares so much about the earth, then he should have done exactly the opposite, exchanging the dirty coins with the clean cars. Sarcastically he said:
“Curiously, Elon wants to deny green-conscious consumers the ability to trade their supposedly dirty coin for a clean car. That seems counterproductive.”
He also reminded that “A huge component of Bitcoin’s power consumption is sustainable due to the reactivation and construction of new hydroelectric sources,” Here he refers to the growth of the renewable energy sources are believed to be accountable for 70% of the mining of the cryptocurrencies according to some studies.
Spanos also said that Elon Musk had previously been suspected of manipulating Tesla share prices by the U.S. Securities and Exchange Commission with what he calls irresponsible and ill-considered tweets. He is now wondering if Mr. Musk is going to manipulate Dogecoin and Bitcoin.
“Maybe, like with his DOGE-for-Tesla tease, this is all contrived to manipulate Bitcoin’s price. Didn’t he get into trouble for manipulation of Tesla share prices?”
He seems to be right about his statements since Doge price fell by 26% right after Musk’s tweets on Friday regarding his cooperation with developers to improve the transactional efficiency of the meme coin blockchain.
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