From the “godfather” to the biggest “traitor” in the cryptocurrency world, Musk’s position in the cryptocurrency world has fallen by the wayside, and he has become a target for a while.
This past weekend, Musk had a multi-round war of words with bitcoin fanatics, causing the price of bitcoin to plummet. As of this writing, the cryptocurrency market is on a downward spiral, with bitcoin plunging more than 10% and falling below the $43,000 mark. Ether has even plunged more than 14%, dropping below $3,200
It all started with a tweet from podcast host Peter McObnoxious, who named Musk and accused him of “spoofing” his support for dogcoin
A perfectly malicious and provocative post is one in which people don’t know if they are malicious and provocative. Your recent ignorant criticism of bitcoin and support for dogcoin is a perfect malicious provocation…or you may actually believe it.
To which Musk responded, “Obnoxious posts like this one make me want to focus all my energy on dogcoin.”
Dogcoin co-founder Shibetoshi Nakamoto then chimed in, “Do you know what a toxic idiot can do to your currency and community?”
Musk also argued with netizens about the concentration of Bitcoin and Dogcoin.
One user pointed out that dogcoin is more concentrated than bitcoin in terms of the number of nodes and supply distribution, and that when a “giant whale” with a large position liquidates, everyone else loses money. Musk, on the other hand, argues that bitcoin is actually more centralized, with the vast majority controlled by a handful of large mining companies.
To show off his greater expertise, Musk also posed his earlier venture, Paypal, mockingly saying, “Hey, cryptocurrency ‘experts’, ever heard of Paypal?” It’s possible…maybe…I know more about how money works than you do.”
Not to be outdone, Peter McObnoxious fired right back, “Paypal, you mean the company that froze the WikiLeaks account? The company that regularly reviews payments?”
As the name-calling festered, more people joined the attack on Musk:.
“Watching @elonmusk about to storm out because his ego prevents him from understanding what bitcoin is? #bitcoin doesn’t care who you are or how much money you have. “
“Musk is used to stupid people kissing his ass. He can’t stand smart people calling him a liar, or worse, laughing at him. Cryptocurrencies are full of very smart people. I hope they laugh at him unmercifully. He’ll crack up. “
When one user suggested that Musk should give up Bitcoin given the way he’s been treated, Musk replied, “Indeed. This response was interpreted by the market as a sign that Tesla was about to liquidate its position in bitcoin, causing the price to fall further.
Angry cryptocurrency investors even launched a digital currency “Fxxx Elon Musk” to pay tribute to Musk, which is gaining momentum ……
Musk’s erratic stance has led to a roller coaster ride for bitcoin so far this year.
He first pushed Bitcoin hard, adding another fire to the rising momentum of digital currencies, repeatedly pushing up the price of digital currencies, including Bitcoin.
In February, Tesla revealed that it had purchased $1.5 billion worth of bitcoin to “diversify and maximize” its investments. Since Tesla’s purchase, the price of bitcoin has risen from $36,000 to a high of $64,000, an investment that netted Tesla $100 million in the first quarter.
Musk later also said that Tesla accepts bitcoin payments and that bitcoin paid to Tesla will remain bitcoin and will not be converted to fiat currency.
However, in recent weeks, the “godfather” of the cryptocurrency world has seemingly shifted his stance and become the biggest “traitor” of all.
Last week, Tesla announced that it was suspending the acceptance of bitcoin as a means of payment for cars, and bitcoin plummeted, once retreating from a high of more than $10,000 and evaporating $365 billion in market value across the cryptocurrency market; Musk then continued to question bitcoin’s energy consumption, saying, “I still believe in cryptocurrency, but it doesn’t rationalize the massive use of fossil fuels, especially coal. Rationalization”.