Did Elon Musk Just Kill Bitcoin?

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In this video, I discuss Elon Musk's recent tweets about Bitcoin's energy usage. Elon is clearly trying to placate ESG investors in Tesla, by tweeting something that he cannot possibly believe himself.

Bitcoin does indeed consume large amounts of energy, as do the internet (10% of global electricity consumption), global travel and trade, and other hallmarks of an advanced civilization.

Living in a mud hut consumes minimal amounts of energy, but most people living in developed countries have no wish to return to previous, lower-energy ways of living.

Fortunately, the universe contains many sources of energy which will be harnessed by future technologies: wind, solar, nuclear fusion, algae power, tidal power, space-based solar energy (Dyson spheres), etc.

In the meantime, Bitcoin miners will continue to seek out the cheapest sources of electricity, many of which are quite environmentally friendly: geothermal, solar, hydro-electric, natural gas venting, and other "stranded energy" sources.

Bitcoin should not be compared to some idealistic "pie in the sky" financial system that does not exist, but rather to the existing fiat financial system, which is characterized by wasteful and polluting wars, big government waste, and ugly bank branches and physical ATM machines.

Not investment advice! Consult a financial advisor.

Tesla suspends Bitcoin purchases:
https://twitter.com/elonmusk/status/1392602041025843203/photo/1

Elon tweets about Bitcoin electricity usage:
https://twitter.com/elonmusk/status/1392780304138473473/photo/1

But making us a space-faring civilization is quite energy-intensive:
https://twitter.com/elonmusk/status/1390387635961610242

Iraq switches from US dollar to Euros:
https://www.theguardian.com/business/2003/feb/16/iraq.theeuro

US dollar financial system, where war=proof of work:
https://www.cnbc.com/2019/11/20/us-spent-6point4-trillion-on-middle-east-wars-since-2001-study.html

Energy consumption by current banking system:
https://twitter.com/Cryptobriton/status/1392687387839406081/photo/1

US Christmas lights use more energy than entire countries:
https://phys.org/news/2015-12-christmas-energy-entire-countries.html

Lithium mining:
https://blog.iseekplant.com.au/hubfs/WA-lithium.png

Bitcoin mining:
https://i.insider.com/55d63aecdd0895d51c8b457f?width=1000&format=jpeg&auto=webp

Bitcoin mining and renewable energy:
https://www.thinkgeoenergy.com/bitcoin-mining-fuelled-by-geothermal-power-in-iceland-to-create-new-gold-rush/

https://news.bitcoin.com/bitcoin-helps-oil-companies-reduce-carbon-footprint/

https://www.upstreamdata.ca/

https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/

https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap

Elon knows that Bitcoin incentivizes renewable energy:
https://twitter.com/jack/status/1384903902907314176?lang=en

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My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#Tesla
#ElonMusk

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