Power, man. It is said to corrupt and absolute power is said to corrupt absolutely but what can be said of the world’s current wealthiest man, Elon Musk, completing his stunning purchase of popular messaging application Twitter as just announced hours ago?
For you and me, things are likely not to change much. A little tweak here, there, rich getting richer etc.
But how will the earth shift under surfing great Kelly Slater’s tanned feet?
You must certainly remember that the 11x champion, and cryptocurrency visionary took to Instagram, his preferred platform, just under a year ago and absolutely savaged the South African after deciding to pull back from allowing Teslas to be purchased using bits and bytes.
Elon Musk and Tesla Motors proudly bought $1.5B worth of Bitcoin for around $34K in Feb. Elon comes out this week and says BTC mining is bad for the environment and they dump their bitcoin for an estimated $804M in profits (but he’s still pushing dogecoin, a useless shit coin).
So a guy who owns an energy company doesn’t understand this stuff before he buys it? Has no problem taking the profits. Does he have an issue with kids mining cobalt in the Democratic Republic of Congo to build batteries? He could probably address and potentially help solve the real energy issues (68 per cent of the energy produced in the US, for instance, is wasted … seems like a bigger issue to me which would solve any BTC problem).
I think Elon’s board and backers hate crypto and what it’s doing for the average investor and pressured him to put out a statement which they knew would inevitably tank bitcoin. I hope the SEC is taking a good look at this (and all of them who might be buying the dip today and this week in their private accounts). Interesting times. But Elon is bad for crypto.
Zingers everywhere though now that Musk is ultra-ultra-powerful, is Slater is ruing his choice of words? Maybe thinking he hopped in bed with the wrong billionaire?
That would certainly be my opinion but who cares about that?