As of May 2021, Elon Musk’s Bitcoin-related public comments have been mixed at best, especially after he declared that Tesla will no longer accept the cryptocurrency for car payments. Musk explained this burned too much wattage in the current climate era. After just a few months of Tesla accepting Bitcoin, the company’s position on the digital asset as a payment method seemed to oscillate wildly. The source claims little has changed since then with the policy. Tesla also drew eyebrows, along with many companies, when Bitcoin payments were switched off; however, scrutiny surrounding Bitcoin’s dependence on fossil fuels for power during the mining stage got the spotlight. Regardless of stopping Bitcoin transactions, Tesla was said to still hold onto their Bitcoin stockpiles. This brings up the question of whether one day Tesla would start using other cryptos as payment options instead.
Cardano’s Academic Approach
Around Elon Musk’s big plug of Bitcoin back in 2021, when Bitcoin was sitting around $40,000, Cardano supposedly breached its previous milestone All Time High by 3 dollars, which was a huge win for that cryptocurrency. Now trading at $0.68, Cardano is viewed by many as a stagnant coin with little to no movements.
Musk’s purported interest in blockchain’s applications toward improving operational efficiency corresponds to his described position with the Cardano-spearheaded initiative as the Department of Government Efficiency. Musk’s interests have been noted with respect to utilizing blockchain for operational efficiency and transparency. The source gives reasons for Cardano being a strong contender, citing its energy efficiency and scalability. Charles Hoskinson, the founder of Cardano, has reportedly said that the company could work with the government if asked without sounding too demanding. Hoskinson reasoning that Cardano engaging with governmental operations would be a matter of national demand serves the greater narrative that there exists unquestionable readiness to work with public sector demands when using the technology. blockchain-should-everyone-need-it-cardano-s-capabilities
Particularly, Ethereum is portrayed figuratively as having the most successful blockchain on earth and has enjoyed its first-mover perks owing to the fact that smart contracts were implemented first on it.
The source uses Ethereum’s capabilities to further break down Bitcoin, saying that, “Bitcoin does one thing really well, albeit better than any other cryptocurrency.” In the case of Ethereum, it “tries to do 12 amazing things that Bitcoin can never dream of, like DeFi, DAOs, and Proof of Stake.” Ethereum’s founder, Vitalik Buterin, is reported to have publicly expressed discontent for Bitcoin’s energy-consuming mining operations. He stated, as cited by IEEE Spectrum, “Bitcoin mining is a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue.” As far as Buterin’s opinions, Musk has not issued any statements about Ethereum at all in 2024 to 2025, the source claims. Musk is said to have mentioned in the past that he holds Ethereum along with Bitcoin and Dogecoin, but without other remarks or Twitter posts endorsing Ethereum, as the document suggests, no other recent comments have been surfacing.
Musk’s Sustained Investment in Bitcoin
Musk’s past public criticism involving Bitcoin’s energy usage and Tesla’s suspension of accepting Bitcoin as a payment option did not stop him from reportedly remaining heavily invested in the cryptocurrency. The founder of Morgan Creek Digital, Anthony “Pomp” Pompliano, provided a commentary on Musk’s cautionary behavior during an interview with CNBC. Pompliano noted, “Pay attention to what people do, not what they say.” Furthermore, the report states Musk is “long billions of dollars in Bitcoin” and “isn’t selling” while having “massive Bitcoin profits in 2021.” This suggests Musk’s investment strategy on the cryptocurrency is different than his opinion on fuel for payments and environmental footprint. Pompliano also tweeted that 75% of Bitcoin mining relies on renewable resources, further supporting advancements made in the industry’s fuel mix. While the cryptocurrency has made substantial progress in the “greener” argument, the report states that Musk’s claim increases the price of Bitcoin; its energy consumption follows suit.
