Elon Musk, Tesla’s chief executive officer, came under fire over the weekend when he announced that the company had decided to stop accepting bitcoin payments due to the excessive use of energy for bitcoin mining.
The announcement sparked a massive drop in Bitcoin price, with the cryptocurrency rising from a high of $ 57,939.36 to a low of $ 42,284.57 in 7 days. Based on recent trends, Bitcoin has now spent three months jumping between $ 40,000 and $ 60,000 on a psychological level.
Peter Schiff’s criticism
While all of crypto twitter was busy criticizing Elon Musk and Tesla for manipulating the market, Peter Schiff was confiscated the opportunity to repeat his thoughts on Bitcoin and the cryptocurrency ecosystem. The gold bull had long criticized crypto as a bubble in general. This time around, Schiff noted that the fact that a man and a tweet could have such a massive impact on Bitcoin is an indication that buying Bitcoin is more of a gamble. He said:
“If a single @elonmusk Tweet can have so much impact on the price of #Bitcoin, how can anyone seriously assume it’s money? How can Bitcoin be a safe haven if a one word tweet puts it at risk? By now it should be clear that buying Bitcoin is a gamble, not an investment. “
The relentless reviewer also noted that an “I told you” moment will come as the price of Bitcoin has a long way to go.
Unique, but with obvious flaws
Bitcoin advocates may oppose Peter Schiff and his relentless efforts to beat up Bitcoin. However, many agree that despite the uniqueness of the coin, certain centralized factors can affect the price movement of the emerging digital currency and asset class.
From the centralization of mining activities in China, which impacted the industry when Xinjiang province was flooded, to the massive influence of Musk, there is a growing consensus among stakeholders that the representation of Bitcoin has yet to change slightly in order to be used To reach maturity. New players are encouraged to start mining Bitcoin, preferably with green energy, while many have raised the question of whether Elon Musk’s tweets could possibly be viewed as market manipulation as Bitcoin is heavily influenced every time the billionaire does commented on twitter.
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