Even though it’s been weeks after billionaire Elon musk made several bearish statements about Bitcoin, many Bitcoin proponents have continued to slam the CEO over his stances, with many of them opining that although Musk may be very well versed in engineering, he may not be as educated on Cryptocurrencies like Bitcoin, hence their collective proposal that he educated himself on the asset.
Elon Musk gets slammed by Kraken CEO
The CEO of the leading cryptocurrency exchange platform Kraken, who had previously reacted to Tesla’s entrance into the Bitcoin market, in an interview, saying “Well, thanks to Elon, everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin, so he’s probably in a single stroke distributed Bitcoin to more people than anyone else on the planet,” has now joined the likes of Changpeng Zhao of Binance to say that Elon Musk might need to go back to his books.
Jesse Powell, whose company Kraken, recently became the leading cryptocurrency exchange in Europe by trading volume told a news outlet in an interview that bitcoin is greener than critics say it is.
He went ahead to tackle Elon Musk’s comments on Bitcoin, firing back at the Billionaire and saying that he thinks “Elon Musk has more studying to do.” Elon Musk who seemed to be just around the corner responded to Powell, asking “Based on what data?”
Energy Concerns may hinder Bitcoin’s adoption process in the short term, but the future remains bullish
The argument that Cryptocurrencies like Bitcoin pose a major threat to the environment has been on for the longest time in the cryptocurrency community. However, since Tesla dropped Bitcoin, the conversation has been amplified.
BTCUSD Chart By TradingView
While many institutions had previously refused to take a chance on Bitcoin by adding the asset to their portfolio, for reasons surrounding price volatility and regulatory worries, the issue of environmental degradation might be yet another factor that restricts them from entering the Bitcoin market.
Some Cryptocurrency enthusiasts have gone on to speculate that other Blockchains like Cardano (ADA) and many other similar networks might gain traction during this period, as investors and institutions search for an alternative network that uses less energy.
With Jack Dorsey investing $5 million into solar energy-based Bitcoin mining, there’s bound to be an improvement with Bitcoin’s energy usage pattern.
