Big news in the world of crypto tonight as Elon Musk has just confirmed on his Twitter account that they will no longer be accepting Bitcoin due to environmental concerns. This news has come out of nowhere and as I am typing this article the price of Bitcoin has declined to less than $52k. A price many technical analysis experts were touting as Bitcoin’s new low.
This post can be taken in two ways. If you are a Bitcoin Maximalist and it represents a large portion of your portfolio then this is bad news as the price is taking a dip and this is a negative spin being put on the coin. However, we are currently in the midst of an altcoin season and the news that Musk and his company Tesla are open to using other currencies should perk the ears of many an investor.
On this site, we have been long-term believers in Cardano. Viewed as a potential Ethereum killer due to the fact that Cardano offers its users smart contracts, but can it now be viewed as a potential rival to the biggest cryptocurrency of them all, Bitcoin? The CEO of Cardano, Charles Hoskinson has always taken great pride in the extremely low cost of fees for major transactions coupled with how much greener they are than Bitcoin.
Cardano of course is not the only coin that can claim they hold superior technology. It is very likely with this news that Musk will decide to champion another altcoin only this time he might choose one with more practical uses with respect to Dogecoin.
There were critics when Musk announced Tesla’s Bitcoin policy as it was ironic that such a company who prided itself on being green would support something which is often criticized for being the opposite. The problems that come with mining Bitcoin have long been documented and perhaps this is now the time for other coins to come to put their case forward.
Bitcoin dominance is currently below 42% and if Musk decides to champion alternatives to Bitcoin this could drive this number down much lower. Is it possible to think of a time where Bitcoin is no longer king? In any other industry, this will be treated as just a standard evolution. Remember when the iPod came out? Well, that’s now been made redundant, and if better technology exists what is the reason for everyone to persist with Bitcoin?
