Elon Musk believes Bitcoin is highly centralized
Tesla and SpaceX CEO Elon Musk has been one of the biggest advocates for cryptocurrencies in recent years. However, he has attacked Bitcoin in recent days for its massive use of power, which he says causes more damage to the environment.He went on the offensive again yesterday, stating that he believes Bitcoin is a highly centralized cryptocurrency. He stated that “Bitcoin is actually highly centralized, with supermajority controlled by a handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and the Bitcoin hash rate dropped 35%. Sound “decentralized” to you?”
The Tesla CEO went on to fuel claims that the electric car manufacturer has sold the bitcoins in its balance sheet. Musk replied to a tweet that says Bitcoiners will wake up in the next quarter and realized that Tesla had dumped the rest of its bitcoins.
Musk replied to the tweet with ‘Indeed,’ leading many to speculate that the electric car manufacturer has dumped its bitcoins. Tesla is one of the largest companies with bitcoins on its balance sheet. The company holds roughly $2.5 billion worth of bitcoins.
However, Musk denied that Tesla had sold its bitcoins. Thus, he implied that the company still holds roughly $2.5 billion in BTC.
Bitcoin’s price dips below $50k again
Musk’s comments could have contributed to Bitcoin’s price decline this weekend. The leading cryptocurrency’s price dipped below the $50k level again and is currently trading just above $44,000. Its dominance level has also decreased. Bitcoin now accounts for 40% of the total cryptocurrency market cap.This latest development comes a few days after Tesla said it was no longer accepting BTC as payment for its electric cars. The cryptocurrency market has reacted to Musk’s tweets in recent weeks. However, his Twitter profile is not a reliable source of information regarding the general cryptocurrency market.
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