An early Bitcoin exchange co-founder accused Elon Musk of hypocrisy after the CEO of Tesla electric car firm announced that they would stop accepting Bitcoin (BTC) for payments.
As it is known, Tesla had approximately $ 1.5 billion worth of Bitcoin on its balance sheet.
Musk criticized Bitcoin energy consumption in his last tweet, where Tesla announced that it suspended vehicle purchases with Bitcoin. Musk’s sudden change of mind came just six weeks after Tesla announced that it would offer support for Bitcoin payments to customers in the United States.
But according to Nick Spanos, founder of New York-based Bitcoin Center and co-founder of Zap Protocol, Tesla’s presence of over a billion dollars of Bitcoin on his balance sheet means that Musk is still willing to profit from the asset he claims to be polluting. argued that he was coming. Spanos told Cointelegraph:
“I challenge Elon: If Bitcoin is too dirty to be used to buy electric vehicles, anyone who uses it by hodl to make a profit must be very dirty too.”
One of the ideas that Spanos came up with was that if Elon Musk was really concerned about the environment, he would allow “dirty” money to be exchanged for clean cars. Spanos said:
“Interestingly, Elon is highlighting the option of environmentally conscious consumers to use the so-called dirty money for clean cars. It sounds like inefficient.”
“Much of Bitcoin’s energy consumption can be sustained by reactivating and rebuilding hydroelectric resources,” Spanos said, adding that some studies have shown that more than 70 percent of crypto mining is done using renewable mining resources.
Spanos also cited the US Securities and Exchange Commission’s move against Elon Musk, considering he was manipulating the prices of Tesla shares with irresponsible and ill-conceived tweets.
“Maybe it was all done to manipulate Bitcoin’s price, as was the case with the idea of using DOGE currency for Tesla. Wasn’t Tesla in trouble because he manipulated the price of shares?”
The price rose 26 percent after Dogecoin, Tesla CEO announced that it was working with developers to improve DOGE transaction efficiency.