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Is Elon Musk’s Relationship With Crypto Toxic?

The relation between Bitcoin and Elon Musk should be something to take note of for all people who are in some shape or form involved within the crypto industry. Whether you like it or not his effect on the crypto market is very real and it is certainly worth knowing his alleged views on a subject as they will definitely go on to have an effect on the overall price.

The C.E.O of Tesla is one of the most influential people in the world who has a clear interest in Bitcoin and sees value in it, but his toxic relationship is given because of his inconsistent behavior about crypto. At first, his behavior was quite to the point as in he had nothing to do with it but earlier this year he appeared to do a complete u-turn when his company Tesla invested $1.5 billion in crypto. This investment caught on and was responsible for the price going up that week and was arguably responsible for the momentum that continued for several months after.

On July 8, Max Keiser and Stacy Herbert performed an Elon Musk-inspired show in Austin, Texas. They dubbed it as “F*ck Elon” and the event has included a large number of Bitcoin (BTC) maximalists.  The maximalists and the Bitcoin community were active supporters of Musk. However, in early May when Musk announced that Tesla was no longer accepting Bitcoin as a method of payment, his popularity among the Bitcoin faithful quickly dropped. 

Therefore, many people view him with suspicion while others view him with disdain, consequently, becoming the reason for the event name. Musk has announced that if Bitcoin needs his support then definitely Tesla will accept Bitcoin as a payment method. Tesla plans to accept Bitcoin once clean energy goals are met.

During Musk’s declaration, there were reports saying that Bitcoin will use clean energy for mining in the upcoming months, and in an anonymous threat, Elon Musk uses lots of energy for the mining of Bitcoin. Taking into account that the future of Bitcoin seems to be related to clean energy, the future of Bitcoin also appears to be connected with Musk.

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