It seems that Elon Musk remains at the heart of most crypto news as the recent crash that the crypto market went through was the doing of Musk and his biased thoughts related to Bitcoin one way or the other. But now as the event that led to absolute panic and a market-wide crash seems to be the doing of Musk but being pressured by Tesla’s shareholders. These are some of the things that Kevin O Riley, an investor and former co-host of Shark Tank, has to say regarding Elon Musk’s sudden waling out of Bitcoin permanently and setting the crypto world into a crazy loop.
The pressure was building for Musk, according to Riley, as most of the shareholders didn’t properly understand the idea or importance of Bitcoin and then the environmental issue of Bitcoin’s mining and how it is disrupting nature in the cruelest way by still using fossil fuels was something that could remain tucked below the carpet for long. All of this was destined to blow out sooner than later. As of today, Tesla won’t go into business with Bitcoin until its mining operation is revised with absolutely no harm to the environment whatsoever.
This is not something that happened overnight as the events were boiling to this event but at a slower pace. Think about how would it shine on a company that has agreed to work with Bitcoin only to ditch it two months later? The company reviewed the current mining practices of Bitcoin and came to the realization that it is still using coal, the most tempting fossil fuel with the most toxic emissions of all other fossil fuels.
Being a good business company and an enterprise dedicated to the production of electric vehicles to reduce or almost derail the impact of a vehicle on the environment, Tesla couldn’t stand by it and watch it being a part of something that is not so very careful of the environment. Hence, Musk announced to cut ties with Bitcoin for the moment, and the rest is history in a very public manner.