Elon Must has been on a crusade this weekend to disparage bitcoin.
First it was about the climate impact (even though his private jet and space rockets use a lot of fossil fuel):
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021
Then it was about about pumping Doge more and making crazy claims:
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
And finally making fun of Michael Saylor:
He should wear outfit for Halloween, but with “Bitcoin” tattooed high on thighs
— Elon Musk (@elonmusk) May 16, 2021
I read an argument that if one man can have such a huge effect on the crypto market (so far down 20% overall), then crypto isn't yet ready for mass adoption; I tend to agree here. The power of crypto is that no one single person or entity can affect it -- either positively or negatively -- and Elon, whether you agree or disagree with him, has shown the crypto market is still very delicate.