Cryptocurrency Pioneer Criticizes Elon Musk’s “Hypocrisy” Over Bitcoin Payments

The founder of one of the first physical crypto exchanges criticized what he sees as hypocrisy on the part of Elon Musk after the CEO of Tesla announced that the company would no longer accept Bitcoin (BTC) as a means of payment.

The allegations of hypocrisy against Musk are based on the fact that Bitcoin remains around $ 1.5 billion on Tesla’s balance sheet.

Musk criticized Bitcoin’s energy consumption in a recent tweet in which he announced that Tesla had stopped buying vehicles from Bitcoin.Musk’s sudden reversal comes just six weeks after Tesla announced it would accept Bitcoin payments from customers in the United States.

Cryptocurrency Pioneer Criticizes Elon Musk’s “Hypocrisy” Over Bitcoin Payments
Cryptocurrency Pioneer Criticizes Elon Musk’s “Hypocrisy” Over Bitcoin Payments

But loud Nick Spanos, Founder of the Bitcoin Center in New York and co-founder of the Zap Protocol, The presence of more than $ 1 billion worth of Bitcoin on Tesla’s balance sheet means Musk is still poised to take advantage of what he believes to be a dirty environmental threatSpanos said to Cointelegraph:

“I challenge Elon that if Bitcoin is too dirty to accept as payment for his electric vehicles, it should be too dirty to make a profit based on everyone else taking it.”

“At least climate star John Kerry lost his millions in the oil industry before taking up his position of virtue.”Spanos added, referring to the US politician’s sales of millions of dollars in oil stocks before becoming Joe Biden’s special envoy on the climate.

One dilemma that Spanos poses is the idea that if Elon Musk really worried about the environment, he would allow “dirty” coins to be traded in exchange for clean cars.Spanos said:

“Interestingly, Elon would like to deny environmentally conscious consumers the opportunity to exchange their supposedly dirty currency for a clean car. That seems counterproductive.”

“Much of Bitcoin’s energy consumption is sustainable due to the reactivation and construction of new hydropower sources.”Spanos recalled the surge in renewable energy sources which, according to some studies, account for more than 70% of crypto mining.

Spanos pointed to the attention the US Securities and Exchange Commission paid to Musk when it was believed he had manipulated Tesla stock prices with irresponsible and thoughtless tweets.

Is Musk now subjecting Bitcoin and Dogecoin (DOGE) to the same slingshots and arrows of outrageous fortune that befell a cryptocurrency when a world-famous billionaire decides to take an interest in it?Spanos asked:

Perhaps, like your DOGE-by-Tesla joke, this is all designed to manipulate the price of Bitcoin. Didn’t you get in trouble for manipulating Tesla stock prices? “

Dogecoin responded again to Musk’s tweets on Friday after the Tesla CEO announced he was working with developers to improve the transaction efficiency of the coin’s blockchain network.The price for DOGE rose 26% immediately after the tweet.

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