Home Cryptocurrency Elon Musk and Bitcoin: A toxic relationship

Elon Musk and Bitcoin: A toxic relationship

by Serge Shlykov

The story of Elon Musk’s relationship with Bitcoin has been a long and interesting one. It began with Musk’s early investments in Bitcoin, back when the digital currency was still largely unknown to the general public. But Musk’s interest in Bitcoin would lead him to have a co-founder at cryptocurrency firm, which he sold to Paypal in 2014 for $20 million. Musk then turned his attention to space exploration, while his Paypal fortune grew to $20 billion. Musk’s interest in Bitcoin would continue though, and he would make several public comments in support of it.

It’s no secret that Elon Musk is not a fan of Bitcoin. As the CEO of Tesla and SpaceX, he’s been outspoken about the flaws of cryptocurrency and, as a result, Bitcoin has received a lot of well-deserved criticism. But as harsh as he might be, the truth is that he’s not the only one to find cryptocurrency to be flawed.

The eighth. In July, Max Kaiser and Stacy Herbert gave an Elon Musk-inspired show in Austin, Texas. The party, aptly named F*ck Elon and attended by a large number of bitcoin (BTC) maximalists, will be a noisy one. Max Kaiser is known for many things, but restraint is not necessarily one of them.

The merits of a party with such a provocative title can be debated, but Musk’s split is certainly not. Earlier this year, the Bitcoin community, including maximalists, actively supported Musk. He saw the value of bitcoin, and bitcoin saw the value of Musk, one of the most powerful people on the planet. In many ways, it was a perfect marriage.

Related: Tesla, Bitcoin, and the crypto-currency space: Is the Musk show on? The experts’ response

But when Mr. Musk, 49, announced in early May that Tesla would no longer accept bitcoin as a form of payment, his popularity among bitcoin supporters quickly waned. Today the party is viewed with suspicion by many and with contempt by others, such as Kaiser, hence the party’s colorful name.

One might ask what is the point of the F*ck Elon event? Finally, Musk would no longer have any influence over the cryptocurrency market, as he did in May. The once influential master has turned into a powerless henchman. While the authors have made some valid points, it is important to remember who Musk is and, more importantly, what he can do. Bitcoin is in his crosshairs.

Related: Expert response: How is Elon Musk influencing the crypto-currency space?

Three weeks ago, Tesla’s CEO announced that the company plans to launch bitcoin once its clean energy goals are met. In other words: Bitcoin and Musk have unfinished business. If bitcoin’s future is inextricably linked to clean energy, so is Musk’s.

For now, the impact on bitcoin seems minimal, but all indications are that this will change. The form is temporary, but the class is permanent. And Musk is a first-rate manipulator. Dogecoin (DOGE) is a fun game, but it doesn’t seem to have a legitimate future. Bitcoin, on the other hand, looks to have a very bright future. It’s fun to play with DOGE, but if you’re serious about crypto-currencies, go for bitcoin.

Related: No, Musk, don’t blame bitcoin for dirty energy. The problem is deeper than that.

Is musk poisonous?

By definition, a toxic relationship consists of a Jekyll-and-Hyde personality in which at least one partner is going from hot to cold. Here comes Elon Musk. One day he’s bowing to the Chinese Communist Party and the next he’s calling a hero a pedophile on Twitter. Musk is a fickle force. He is the only one who can keep up with bitcoin’s volatility.

In a toxic relationship, exhaustion is the norm. Musk is a crippling influence, and there is reason to believe that he will continue to weaken humanity, especially those in the Bitcoin community. Toxic relationships are also synonymous with cheating. A very smart person, Musk is also prone to exaggeration and false promises. Since 2016, Tesla customers have had to pay for a much-touted autonomous driving feature that doesn’t really exist.

Related: The uneasy relationship between crypto-currencies and Elon Musk: Ambassador or responsibility?

There is one problem, however, and it is a fairly important one. As Andrew J. Hawkins writes in The Verge, the fully self-learning software that Musk has announced does not enable the Tesla car to drive itself without driver intervention. In other words: Self-driving cars are not capable of driving themselves. It’s not the best option for Tesla and it’s not the best option for Musk. Whether his deception was intentional or not, Tesla’s customers were harmed in an expensive way. While General Motors and Ford are busy learning from Musk’s mistakes and developing superior electric cars, will Musk’s behavior become even more erratic? Don’t bet against it. Bitcoiners beware.

Commercial contractor, but not the inventor

Musk is not an inventor. He is a go-getter who is willing to say or do anything to generate interest. While he is certainly a brilliant man, he lacks restraint. Musk’s word is not his promise. Indeed, the concept of truth seems very malleable in Musk’s world.

In a recent article, Peter Chavaga speculated about a post-Elon world where bitcoin would be free of corporate interference. notes Chavaga: No single person, no matter how influential in their field, is more important than the network. In the same article, the aforementioned Stacey Herbert said:

Elon and the other fiat currency billionaires need to learn that you don’t fix bitcoin, bitcoin fixes you.

Did bitcoin really fix Elon? Can Elon really be fixed? Bitcoin may have won this battle, but I still maintain that the war is far from over. Of course, there’s not necessarily a war. Bitcoin and Musk might have a harmonious relationship in the future. But because Musk is one of the most volatile celebrities on the planet, their relationship will likely be more toxic in nature. Shouting F*ck Elon may be cathartic, but it won’t be effective. Remember who you’re dealing with: A very powerful billionaire with a F*ck You personality.

This article contains no investment advice or recommendations. Any investment or business transaction involves risk, and readers should do their own research before making a decision.

The views, thoughts and opinions expressed herein are those of the author and do not necessarily reflect or represent those of Cointelegraph.

John Mc Gleasonne is a researcher and cultural commentator. His work has appeared in publications such as Bitcoin Magazine, the New York Post, the Sydney Morning Herald and National Review.

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