Elon Musk picked Dogecoin over Bitcoin

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Elon musk picked Dogecoin over Bitcoin and it seems like Dogecoin just won. Elon Musk tweeted about Bitcoin saying that Tesla will no longer accept Bitcoin as a means of currency to buy Teslas with. Here is what he said,

"Tesla has suspsended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy / transaction"

3 THEORIES WHY HE SAID THAT

Here are the 3 main theories behind why Elon did what he did. The first is that he was convinced by his members of the board to take Bitcoin off. The second is that he wanted to manipulate the price to have some fun or perhaps buy the dip. The third theory is that Dogecoin is now his favorite and he will push for Dogecoin to become the new crypto standard.

It's very difficult to believe that Elon Musk, arguably the smartest person on Earth just figured out that Bitcoin uses electricity. His main concern is that Bitcoin uses coal to power and secure the network. Did he mean that or is there more to the story? Here are some numbers.

THE NUMBERS BEHIND THE MATH

Solar energy has now come down to between 3 to 4 cents kWh and Wind is 2 to 5 cents kWh. Fossil fuel energies like coal and natural gas are between 5 to 7 cents kWh. Across the board clean energy is cheaper. This is important because miners will always use energy that is cheapest. The less they pay for energy costs, the more money they get to keep for themselves.

Naturally Bitcoin mining goes wherever energy is cheapest. This is also why Bitcoin is helping subsidize the growth of clean energy, because Bitcoin miners are helping lower the costs of clean energy as well storage of clean energy over time which why its estimated that roughly 70% of Bitcoin’s entire hash rate comes from renewable clean sources.

WHAT ABOUT MINERS IN CHINA?

There are still places around the world where dirty energy is still cheaper. Shin Jung is the biggest coal mining operation in China, accounting around 50 to 60% of the power it draws from dirty energy but that number is getting smaller over time. The second biggest mining operation in China was in Mongolia and it was shut down this April. The third biggest are from Yunnan and Sichuan which during the wet season accounts for 50% of the entire hashrate of Bitcoin uses 100% clean hydro power. Bitcoin is becoming more green and more efficient very quickly. The facts do not support Elon's claim.

MY THEORY

This is just pure speculation on my part. Tesla has a pending application with the Environmental Protection Agency (EPA) and Tesla wants to get that as much renewable zero emissions credit money as it can. It's very possible that the EPA (a branch of the Federal Government) is heavily scrutinizing Tesla's entire business model including forms of payment. The government is not a huge fan of Bitcoin and crypto in general and I believe its possible Elon was forced to temporarily distance himself away from Bitcoin to improve his odds of getting approved for those credits. Tesla is not the only company in competition for that money. That seems like the most logical explanation as far as why Elon likes Dogecoin better (for now).

Energy source: https://bit.ly/3ymZBx8

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.