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Elon Musk Spits Fire at Bitcoin and the Popular Cryptocurrency Dips

Wednesday, May 19, 2021 at 10:58 AM by Denika Herbst

- Bitcoin is down 26% this week as Elon Musk went to war with the Bitcoin crowd over his disapproval of the cryptocurrency’s energy consumption

- Dogecoin founder Jackson Palmer, and many others, do not agree with comments and moves made by Musk

- Musk made it known that despite beliefs, Tesla is still holding onto the Bitcoin they own

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Elon Musk had Bitcoin dropping 26% after he expressed his disapproval of the cryptocurrency’s energy consumption and decided to reverse his earlier decision to allow purchases of Tesla cars in Bitcoin.

While Elon knows what he is talking about when it comes to cryptocurrency, other crypto bigshots like Dogecoin founder Jackson Palmer, do not feel there is any need to make any hasty decisions regarding Bitcoin.

Despite his frustrations with the cryptocurrency, Elon’s company Tesla has held onto the Bitcoin that it owns.

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Elon Musk spits fire at Bitcoin and the popular cryptocurrency dips — Elon Musk went to war with the Bitcoin crowd over his disapproval of the cryptocurrency’s energy consumption and reversed his decision to allow purchases of Tesla cars in Bitcoin. Image: @elonrmuskk
Source: Getty Images

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Farzam Ehsani, CEO of crypto exchange VALR, says there is no need to pull out of Bitcoin. Ehsani believes the long game will pay off and that Musk’s moves have caused the mayhem, not the actual cryptocurrency itself.

Many people online are confused as to how the 'mining' of bitcoin - which is a virtual process - is affecting the environment in any way.

Briefly News previously reported that the founder of Tesla, Elon Musk, is set to establish his company, Starlink, in Africa; a move that will pit it against network providers like MTN, Globacom, Airtel and 9mobile.

Starlink is under SpaceX, an American aerospace manufacturer, which is also owned by Musk. The billionaire wants to bring satellite-led broadband into Africa and his SpaceX team has met with the Nigerian Communications Commission (NCC).