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Elon Musk renounces Bitcoin payments, sending BTC below $50K

Pump and dump artist and con-man Elon Musk strikes again

Pump and dump artist and con-man Elon Musk strikes again

Pump and dump artist and con-man Elon Musk strikes again. In a suspicious tweet, he announced Tesla will not be accepting Bitcoin payments for his cars after all.

A weird picture with black font on a white background posted on Elon musk’s Twitter account cited concerns about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially the coal used by the Chinese to mine BTC, which has the worst emissions of any fuel.

As Elon’s post spread rapidly on Twitter and many news outlets, it sent Bitcoin plunging from a high of $58K yesterday to a low $46K on the Kraken exchange. As of writing this, it is slowly trying to creep back over the $50K range.

Tesla began accepting bitcoin in March after the company revealed its bitcoin holdings in a filing with the U.S. Securities and Exchange Commission (SEC) earlier this year. Meanwhile, Elon musk has been a prominent supporter of Dogecoin. It is surprising to see Elon backpedaling on the Bitcoin maneuver. Proof-of-Work is a known fact to everyone, so is the carbon footprint of the Chinese’s appetite for Bitcoin mining.

Elon’s FUD

One of the world’s richest men is not your friend and should not be treated as a god. This is a good thing for Bitcoin. It doesn’t need Elon’s fanboy army to prosper.

The flood of fake energy FUD narratives concocted by corporate media outlets that we’ve seen this year is serving their purpose. If you use Bitcoin, you hate the planet. Why do you hate the planet?

Everyone is spreading FUD about Bitcoin’s energy usage because of China’s coal usage. But it doesn’t have to be that way. In the future, Bitcoin will be mined by renewables

Canadian Bitcoin mining company Bitfarms ($BFARF) has an edge on the matter. Their power-hungry enterprise is powered by Quebec’s almost 100% hydroelectric grid. Which is 100% renewable. And as you can see here, Bitcoin’s energy usage is a very hot debate. But it’s just mind games, the media, and the traditional banking system trying to induce fear in the little fish.

They are just trying to grab Bitcoin out of the hands of the FUD-washed panic sellers. Don’t fall for these traps. The best you can do is to continue to add to your Bitcoin position over time and hold. Don’t FOMO buy, don’t FOMO sell, and don’t listen to the media trying to spread FUD and scare you.

Billionaires like Elon Musk are not your friends, they are not looking after you. He’s one of the richest guys on the planet using crypto to increase his already ludicrous wealth… all of this while trying to manipulate prices almost on a daily basis.

He’s creating a Doge bubble so big that when it pops (and it will!) so many investors will lose so big that we will see a very long and painful bear market. Cryptocurrencies will become even more regulated than they already are.

Final words

Investing can and should be fun. It can be educational, informative, and rewarding. By taking a disciplined approach and using diversification, buy-and-hold, and dollar-cost averaging strategies, you may find investing rewarding even in the worst of times. Be aware of your emotions, FOMO and FUD.

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