Benzinga

Is the Bitcoin-Ethereum ‘Flippening’ a Likely Scenario?

It has been a bad week for the crypto space. Elon Musk is widely believed to play a major role in crashing Bitcoin’s price by $12k when he tweeted that Tesla will no longer be accepting Bitcoin. He framed this backtracking as an environmental concern due to the high levels of energy consumption required in Bitcoin mining. As a result, this had a cascading effect on almost all altcoins with very few exceptions. To set the record straight, it is very difficult to portray Bitcoin as an ecological problem. Not only do miners use renewable sources at a rate over 70% across all continents, but when put into context with other sectors, Musk’s notorious tweet makes even less sense. Source: Hass McCook Medium Based on this, The situation has resulted in a number of different ideas floating around as to why Musk made this decision. Some argue that the U.S. government could be the motive behind the move, as BTC could potentially threaten the USD. Remember that Musk has plenty of dealings with the government – subsidies, green credits, and a SpaceX contract. Musk, afterall, is known to leverage nearly $5 billion in government subsidies. This substantial vested interest may have exerted enough pressure for him to abandon and besmirch the predominant cryptocurrency.
Source…