{"id":294976,"date":"2021-07-09T17:21:00","date_gmt":"2021-07-09T14:21:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-and-bitcoin-a-toxic-relationship\/"},"modified":"2021-07-09T17:21:00","modified_gmt":"2021-07-09T14:21:00","slug":"elon-musk-and-bitcoin-a-toxic-relationship","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-bitcoin-a-toxic-relationship\/","title":{"rendered":"# Elon Musk and Bitcoin: A toxic relationship"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fcd022f012\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fcd022f012\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-bitcoin-a-toxic-relationship\/#Is_Musk_toxic\" >Is Musk toxic?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-bitcoin-a-toxic-relationship\/#A_mercurial_entrepreneur_not_an_inventor\" >A mercurial entrepreneur, not an inventor<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Elon Musk and Bitcoin: A toxic relationship <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMDMwNTVkZDQtMzZhZS00YWEyLWEwMzUtNzkzMzcxM2RmYjM4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>On July 8, Max Keiser and Stacy Herbert hosted an Elon Musk-inspired show in Austin, Texas. Aptly named \u201cF*ck Elon,\u201d the event, which included a large number of Bitcoin (BTC) maximalists, was surely a rowdy affair. Keiser is known for many things, but restraint is not necessarily one of them.<\/p>\n<p>Although we can debate the merits of such a provocatively titled party, Musk\u2019s divisiveness is certainly not up for debate. Earlier this year, the Bitcoin community \u2014 including the maximalists \u2014 were vocal supporters of Musk. He saw value in Bitcoin and Bitcoin saw value in Musk, one of the most influential people on the planet. In many ways, it was a match made in heaven. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Tesla, Bitcoin and the crypto space: The show Musk go on? Experts answer<\/em><\/strong><\/p>\n<p>In early May, however, when the 49-year-old announced that Tesla was no longer accepting Bitcoin as a method of payment, Musk&#8217;s popularity among the Bitcoin faithful quickly faded. Now, many view him with suspicion; others, like Keiser, view him with disdain, hence the colorfully titled party.<\/p>\n<p>One wonders, what\u2019s the point of a \u201cF*ck Elon\u201d event? After all, we&#8217;re told that Musk no longer <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/elon-musk-tweets-dogecoin-bitcoin-influence-over-crypto-community-cryptocurrencies-2021-7\">influences<\/a> the cryptocurrency market like he once did back in May. The once highly potent master is now an impotent \u201cshill.\u201d Although the authors made valid points, it\u2019s important to remember who Musk is, and, more importantly, what he is capable of doing. Bitcoin is very much in his crosshairs.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Experts answer: How does Elon Musk affect crypto space?<\/em><\/strong><\/p>\n<p>Three weeks ago, the Tesla CEO announced that the company plans to accept Bitcoin once clean energy goals are met. In other words, Bitcoin and Musk have unfinished business. Considering that the future of Bitcoin <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be inextricably <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.energyandcapital.com\/articles\/the-future-of-bitcoin-mining-will-be-powered-by-clean-energy\/99354\">linked<\/a> with clean energy, the future of Bitcoin also appears to be inextricably linked with Musk. <\/p>\n<p>Right now, his influence over Bitcoin appears to be minimal, but there is every reason to think that will change. Form is temporary, class, though, is permanent. And Musk is a first-class manipulator. Dogecoin (DOGE) is a fun coin but it doesn\u2019t appear to have a legitimate future. Bitcoin, on the other hand, appears to have a very bright future. It\u2019s fun to mess around with DOGE, but if you\u2019re serious about cryptocurrencies, you marry Bitcoin.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>No, Musk, don\u2019t blame Bitcoin for dirty energy \u2014 The problem lies deeper<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Musk_toxic\"><\/span>Is Musk toxic?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>By its very definition, a toxic relationship <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.survivedivorce.com\/toxic-marriage\">consists<\/a> of Jekyll and Hyde personalities, where at least one of the partners switches between hot and cold. Now, enter Elon Musk. One day he is bowing down and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2021\/07\/01\/business\/elon-musk-chinese-communist-party-intl-hnk\/index.html\">paying<\/a> homage to the Chinese Communist Party, the next day he is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/us-musk-lawsuit-tweet\/elon-musk-testifies-his-pedo-guy-tweet-not-meant-to-be-taken-literally-idUSKBN1Y718A\">calling<\/a> a hero a pedophile on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. Musk is an erratic force. He is the only man who can match Bitcoin\u2019s inherent volatility.<\/p>\n<p>In a toxic relationship, exhaustion is the norm. Musk is an exhausting influence and there is reason to believe that he will continue to exhaust humanity, especially those within the Bitcoin community. Toxic relationships are also synonymous with deceit. A highly intelligent individual, Musk is also prone to exaggerations and false promises. Since 2016, Tesla customers have been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.usatoday.com\/story\/tech\/news\/2016\/10\/19\/tesla-announces-fully-self-driving-fleet\/92430638\/\">billed<\/a> for the highly publicized self-driving feature that doesn\u2019t really exist. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto\u2019s fraught relationship with Elon Musk: Ambassador or liability?<\/em><\/strong><\/p>\n<p>As Andrew J. Hawkins at <em>The Verge<\/em> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theverge.com\/2021\/7\/5\/22563751\/tesla-elon-musk-full-self-driving-admission-autopilot-crash\">writes<\/a>, the full self-driving software that Musk promotes \u201cdoes not enable a Tesla vehicle to drive itself without input from the driver.\u201d In other words, self-driving cars are not capable of self-driving. This is not a good look for Tesla, nor is it a good look for Musk. Whether his deceit is conscious or otherwise, Tesla customers have been taken for an expensive ride. With <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Motors and Ford busy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/03\/16\/gm-and-ford-take-cues-from-tesla-but-try-to-avoid-musks-mistakes.html\">learning<\/a> from Musk\u2019s mistakes and making superior electric vehicles, will Musk\u2019s behavior become more erratic in nature? Don\u2019t bet against it \u2014 Bitcoiners beware.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_mercurial_entrepreneur_not_an_inventor\"><\/span>A mercurial entrepreneur, not an inventor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Musk is not an inventor. He is a mercurial entrepreneur, willing to say or do anything to generate interest. Although he is clearly a brilliant man, he lacks restraint. Musk\u2019s word is not his bond. In fact, in Musk\u2019s world, the concept of truth seems to be highly malleable.<\/p>\n<p>In a recent article, Peter Chawaga <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/max-keiser-and-stacy-herbert-to-host-fck-elon-bitcoin-maximalist-event-on-july-8-2021-06\">discussed<\/a> a sort of post-Elon world, with Bitcoin freeing itself from the entrepreneur\u2019s meddling. Chawaga noted, \u201cNo single person, no matter how influential in their own spheres, is more vital than the network.\u201d In the same piece, the aforementioned Stacy Herbert says:<\/p>\n<blockquote><p>\u201cElon and other fiat billionaires need to learn that you don\u2019t fix Bitcoin, Bitcoin fixes you.\u201d <\/p><\/blockquote>\n<p>Has Bitcoin actually \u201cfixed\u201d Elon? Can Elon actually be \u201cfixed?\u201d Bitcoin might have won this battle, but the war, I argue, is far from over. Of course, it needn\u2019t be a war. In the future, Bitcoin and Musk may very well enjoy a harmonious relationship. However, considering Musk is one of the most erratic celebrities on the planet, the relationship will probably become more toxic in nature. Screaming \u201cF*ck Elon\u201d might be cathartic, but it won&#8217;t be effective. Remember who you are dealing with: A highly influential billionaire with a \u201cF*ck You\u201d personality.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>John Mac Ghlionn<\/strong> is a researcher and cultural commentator. His work has been published by the likes of Bitcoin Magazine, The New York Post, The Sydney Morning Herald and National Review.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/elon-musk-and-bitcoin-a-toxic-relationship\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Elon Musk and Bitcoin: A toxic relationship &#8221; On July 8, Max Keiser and Stacy Herbert hosted an Elon Musk-inspired show in Austin, Texas. Aptly named \u201cF*ck Elon,\u201d the event, which included a large number of Bitcoin (BTC) maximalists, was surely a rowdy affair. Keiser is known for many things, but restraint is not&#8230;<\/p>\n","protected":false},"author":1,"featured_media":294977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMDMwNTVkZDQtMzZhZS00YWEyLWEwMzUtNzkzMzcxM2RmYjM4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,86883,7058,39394,36402],"class_list":["post-294976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-dogecoin","tag-community","tag-elon-musk","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=294976"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/294977"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=294976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=294976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=294976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}