The creator of one of the first physical cryptocurrency exchanges has slammed what he perceives as hypocrisy on the part of Elon Musk after the Tesla CEO declared the electrical car company would stop accepting Bitcoin (BTC) because a form of payment.
The costs of hypocrisy leveled at Musk stem from the fact that around $1.5 billion worth of Bitcoin stays on Tesla's balance sheet.
Musk criticized Bitcoin's energy intake in a current tweet in which he declared that Tesla had frozen automobile purchases with Bitcoin. The sudden change by Musk comes only six months after Tesla made big news by announcing it would accept Bitcoin payments from customers from the United State.
But according to Nick Spanos, creator of Bitcoin Center in NYC and also co-founder of Zap Protocol, the presence of more than $1 billion worth of Bitcoin on Tesla's balance sheet means Musk remains inclined to reap the gains of what he uttered a filthy environmental hazard. Spanos informed Cointelegraph:
"I challenge Elon that if Bitcoin is too cluttered for him to accept as payment for his electric vehicles, then it also needs to be too cluttered to'hodl' for profits based on everyone else using it."
"At least Climate Czar John Kerry divested from his millions from the oil industry before taking his position of virtue," Spanos added, referring to the U.S. politician's sale of millions of dollars worth of oil stocks prior to getting Joe Biden's Special Presidential Envoy for Climate.
1 quandary posed by Spanos was the concept that if Elon Musk was really concerned about the environment, he would allow the commerce of"dirty" coins in return for clean cars. Spanos said:
"Curiously, Elon wants to deny green-conscious customers the ability to exchange their allegedly dirty coin to get a clean vehicle. That seems counterproductive."
"A massive component of Bitcoin's power consumption is sustainable due to the reactivation and construction of new hydroelectric sources," reminded Spanos, hinting at the increase of renewable energy sources, which some studies estimate account for more than 70 percent of crypto mining.
Spanos referenced the focus caused by Musk from the U.S. Securities and Exchange Commission when he was deemed to have manipulated Tesla share costs with reckless and ill-considered tweets.
Is Musk now subjecting Bitcoin and Dogecoin (DOGE) to the very same slings and arrows of outrageous fortune that befall a cryptocurrency when a world-renowned billionaire decides to have an interest in it? Spanos asked:
"Perhaps, like with his DOGE-for-Tesla tease, this really is all contrived to manipulate Bitcoin's price. Didn't he get into trouble for exploitation of Tesla share rates?"
Dogecoin proved responsive to Musk's tweets back on Friday following the Tesla CEO disclosed that he was working with developers to improve the transactional efficacy of their meme coin blockchain. DOGE's price jumped 26% in the immediate aftermath of the tweet.