Bitcoin Value Plummets as Elon Musk Defects Over Energy Consumption
Can Elon Musk’s Bitcoin Betrayal Expose the Grift of Cryptocurrency? The Tesla executive’s reversal affirms that Bitcoin is an environmentally wasteful multilevel marketing scheme. But the true believers won’t hear it. Scott Olson/Getty Images It’s a dark day on meme street. Elon Musk, one of Bitcoin’s high priests, seems to have turned against the cryptocurrency, sending its value tumbling more than 10 percent and calling into question an economic model that had depended on the public support of megamoguls to keep crypto prices frothy. Here’s how the betrayal went down. On Wedne...
Source: newrepublic.com