Why Elon trashing Bitcoin is great news

I will just sum up the facts:

1. Tesla has problems with Chinese Gov (where most bitcoin miners are located).
2. Tesla shares have been falling for months.
3. Coinbase was the most downloaded app in the AppStore a couple of weeks ago.
4. Drukenmiller questioned the central banks actions, said the US dollar was going to lose the status reserve in less than 15 years and crypto was the answer for such irresponsible policies.
5. Investment banks (GS, JPM) are going to begin to commercialize crypto investment products to their clients but these products won't be available until Q3-Q4 2021.

So now, why would Elon Musk changed his tune about bitcoin? Well I bet there could be several reasons:

• US Gov using him to scare the shit out of new unexperienced investors given that FUD tactics haven't worked until now because they want to prevent crypto adoption as a means of payment as they would lose control of money.
• Corporate investors and investment banking using him to sink the price so that they can buy low and the sell high once they have their products ready, in exchange tesla gets included in all kind of investment funds.
• Musk pumping un dumping for the fun and making tons of money of his delusional fans.

Honestly I don't care which of these reasons could be true, I am just speculating about potential reasons that could lead Elon Musk to do this, because one thing is clear, he has some kind of incentive to trash bitcoin and shake out retail investors.

He knew very well how mining works, he event answered to a tweet from Jack Dorsey that bitcoin incentivized renewable energies, only to change his tune 3 weeks later. Of course, his space X rockets, his litium mines in Africa and his gigafactory in Texas and China where most energy comes from fossil fuels don't pollute.

So please use your head and not your emotions when deciding if you buy, sell or hold. For me, it is clear what to do.

Submitted May 17, 2021 at 02:01AM by cryptodgn https://ift.tt/3yfRrXf