Climate Change — Tesla Stops Accepting Bitcoin Payments | G-Trade News
The Biden administration is reaping early benefits from its rehashing of the climate change agenda, as Elon Musk announces that electric car company Tesla will no longer be accepting bitcoin as payment for purchase of their vehicles, based on the premise that bitcoin is bad for the environment.
It is important to note that though Tesla has stopped accepting Bitcoin as payment, it is not selling any of its bitcoin. But that doesn’t change what’s been happening to BTC price, as it has fallen nearly $7,000 from the it’s high earlier yesterday, May 13, to down around $50K.
In an earlier post and podcast I shared how buzz was beginning to amass itself around the energy footprint involved in cryptocurrency. Now the agenda is coming to fruition, almost like clockwork. The Biden administration has already stated their reservations toward cryptocurrency, and climate change is one major Trojan horse to be utilized to curb accessibility.
Is it any wonder that simultaneously amidst mass institutional adoption of bitcoin, we receive a new administration, and climate change fear suddenly rushes to the forefront? As I addressed in my post about “greening up” bitcoin, the establishment can’t control cryptocurrency outright, so they need to control access to it. Thus, eventually making the use of bitcoin illegal based on the premise that it is bad for the environment, is definitely one way to do it.
The specific target is less cryptocurrency itself, and more the process by which coins come into existence, i.e. mining — the mining of bitcoin specifically. Bitcoin’s mining process utilizes a proof-of-work protocol (PoW) which is the more energy intensive of the alternatives. Thus the issue with bitcoin lies in something that has little to do with the currency itself, and more to do with how it comes into existence. Bitcoin transactions don’t use any more energy than it takes to use any website on the internet. To that effect, Michael Saylor, CEO of bitcoin proponent MicroStrategy, had this to say in response to Musk’s tweet:
The thing about energy in general, as I pointed out in an earlier post, is that the problem lies in available options that we are presented with to receive power, and not with how that power is used. There are a plethora of “green” power supply options in existence, yet we are provided with a system that is cumbersome and dirty in the first place.
Just as Tesla is working to “green up” the average consumer’s personal form of transportation through their electric cars, so too should the energy establishment receive the same green revamp as well.
But there is a game in play, wherein Musk with his market influence derived from a single tweet, seems to be purposely causing market confusion amongst the ranks, as he now professes to be an avid supporter of Dogecoin, the “mock” coin that came into existence as a parody Bitcoin.
Musk has also hyped another cryptocurrency, Dogecoin, which Tesla has not invested in. Musk has called Dogecoin, which was invented as a joke to satirize bitcoin, his favorite cryptocurrency and “the people’s crypto.” (The Verge)
Institutional spyops aside, the bottom line is that though it is true that Bitcoin and its proof-of-work mining protocol is a bit energy intensive, what needs to go is the system that it is forced to work under at the moment, and not innocent little Bitcoin.
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