Tesla turns its back on Bitcoin, which collapses by $ 10,000 in minutes
What is Tesla playing?
During the night, a press release relayed by the CEO and living embodiment of the most valued electric car brand of the moment Elon Musk, informed the world of a turnaround worthy of a bad technological thriller.
After having made the buzz barely a few weeks ago by announcing to sell its cars in bitcoins, the firm is now announcing to backtrack. Abruptly deemed “too polluting”, Bitcoin is today shouted at by those who praised it yesterday. A sad rebound with multiple collateral victims, the crypto market having reacted particularly negatively to the news, Bitcoin losing up to $ 10,000 overnight.
If after having positively surprised the whole industry by announcing last May to integrate Bitcoin as a means of payment to acquire its vehicles, the automobile brand Tesla had recently been caught discreetly disposing of a fraction of its war chest (valued 1.5 billion dollars at the time of the sale), no one had really found fault, so much the love affair between Elon Musk and the creation of Satoshi Nakamoto seemed to want to register in the long term.
Of course, there were many who began to worry about seeing the whimsical boss continue in parallel to ensure the hyper-promotion of Dogecoin, a cryptocurrency however “useless” (and precisely designed to be) passing the A sympathetic joke crypto-canid from the bottom of the marketcap, the 4th power of the latter, with a capitalization of 80 billion dollars at the highest.
And after all, the operation having made several hundred neo-millionaires, and even allowed some Goldman Sachs bankers to resign loudly, everything seemed to be fine.
And then to send Dogecoin - literally - to the moon, even the minds most stressed by the obvious irrationality surrounding ended up seeing it as a form of ethereal poetry …
Except that this night, the cold and relentless business suddenly resumed its rights, running the risk of bringing everyone back to the bottom of the cows, leaving Thomas Pesquet helpless to witness the very human drama being written in letters of blood on the land markets.
Tesla, environmentalist lesson giver, a modern fable?
We will not dwell here on the fact that the myth of a “maxi-polluter” Bitcoin is now largely undermined and that it is now considered that approximately 75% of its electricity consumption necessary for mining comes from so-called clean and renewable energies.
In addition, it should be noted that even if the time is fond of headlines a little scary or meaningless comparisons, it does not matter that Bitcoin consumes “as much as Sweden”, or soon “more than the whole of the United Arab Emirates. ”.
Indeed, apart from the fact that comparing incomparable metrics is an insult to the intelligence of readers and citizens, we will agree above all that only the ratio of expenditure / utilities really matters. And in this matter, Bitcoin is doing more than its share and probably deserves infinitely better than just cutting back on electricity, as if its value proposition were like that of a toaster or a television.
Did you know in this regard that in 2010, according to figures from the International Energy Agency, the simple “standby” mode of 160 million American television decoders wasted 18 TWh, or the equivalent of consumption from Iceland? Which sacrifice on the altar of ecology seems to you the most relevant? A questioning of our behaviors and global over-consumption patterns, or the removal of the new tools of freedom and inclusion that Bitcoin embodies?
Everything that Elon Musk is absolutely aware of, of course. He agreed, moreover, there are still a handful of days:
Finally, to see Tesla set up as a paragon of virtue on the ecological front is an almost artistic irony. From the pollution induced by the monstrous quantities of rare earths necessary for the manufacture of its millions of “clean” vehicles, to the environmental damage induced by the other projects of the richest man in the world (hyperloop, Space X…), Bitcoin is just a drop of oil lost in a puddle of cobalt and lithium.
Bitcoin flash crash that loses $ 10,000 in minutes
Beyond these few considerations, Bitcoin and crypto had a rough night, with BTC losing as much as $ 10,000 within an hour of Tesla's announcement. The first value of the crypto marketcap is trading at the time of writing around $ 50,000.
Traditionally, altcoins have followed suit, often posting losses that are even greater than those suffered by Bitcoin. This is how the entire crypto market is in turmoil this morning, losing $ 250 billion overnight, falling from $ 2,600 billion to $ 2,350 billion.
There is no doubt that a strong rebound is to be expected in the next 24 hours, this type of epidermal variation being driven by FUD (Fear, uncertainty, doubt,) mechanics with essentially psychological springs. Be careful, however, this is not a good time to make unreasonable investment decisions. On the other hand, the day is probably very timely to cancel your order for the last CyberTruck Tesla.
In conclusion, let's admit one thing to Elon Musk and Tesla: you don't become the richest man in the world and the most powerful car brand on the market without the ability to build a solid plan, and the ability to build it. 'perform perfectly. Let’s therefore bet that beyond the apparent irrationality of events, ambitions exist and follow a precise strategy. The press release mentions Tesla's research “for more energy efficient cryptocurrencies”. There is no doubt that this mention is not innocent and could suggest future twists.
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