Michael Saylor buys the Dip
The cryptocurrency market is used to volatility and turbulent times, but what we have been witnessing in the past couple of days is a bit extreme and has brought with it a feeling of chaos and unrest.
We can point out the various reasons for what's been taking place but topping the list is, without doubt, the recent tweets of controversial billionaire Elon Musk, who has declared that Tesla will not accept Bitcoin as a payment method.
The Tweet, titled Tesla & Bitcoin, was made on May 12 and immediately caused mayhem in the markets resulting in a pullback of over $130B from the general markets and bringing bitcoin down 40%.
The reasons provided by the billionaire who has supported bitcoin just days before was the impact bitcoin mining has on the environment.
Many consider Elon’s recent attack on bitcoin to be totally irresponsible and, above all, wrong. The bitcoin mining community has been working hard on adapting new renewable energy to limit the use of carbon-based fuels, rapidly moving to greener environmental solutions.
The following day, Investment Management firm, Galaxy Digital Holdings Ltd., a leader, and innovator in the cryptocurrency eco-space, released a report comparing the energy consumption of bitcoin mining to the energy consumption of both the Gold & Banking sectors.
The report ‘On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question’ provides an insightful look at what is actually going on in reality and concludes that bitcoin uses half of the energy used to mine Gold & the energy used by the banking system.
Please read the full report here: Click Me!
In every dip comes opportunity. Every veteran member in the cryptocurrency community knows that, and judging by history, those who took advantage of such situations, or Dip’s as we call it, have been rewarded over time.
One of the most recognized bitcoin supporters is Microstrategy CEO, Michael Saylor who has constantly been advocating in favor of the benefits and wonder of bitcoin since the break of the covid-19 pandemic.
A few hours ago, Michael Saylor updated the public about the recent purchase of an additional 229 bitcoins for the price of $10M.
The bitcoin community in 2021 is stronger than ever before, and although we can expect more acts of opposition, nothing can change the fact that bitcoin is making its way to the moon.
With all that said, we would like to add that the cryptocurrency market is highly volatile and bears with it risk.
We strongly urge you to educate yourself before making any investment in any cryptocurrencies.
It is advised you do your own research and not listen to what you read online.
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