The bitcoin prices are on a roller-coaster ride, and its price is still fluctuating, but if we see in the longer perspective, it is revealed it is business as usual for the bitcoins. You might be aware of the fact that the bitcoin value dropped up to 17% when the CEO of Tesla car company, Elon musk, complained about the energy usage of the bitcoin in its mining, but the thing is that its price is bouncing again. On a recent Thursday from its own value of $45600, the bitcoin is trading now more than $51000, and it is regaining its value which was lost. With all the prevailing drama, the thing is that on the fundamental level, bitcoin is completely buoyant to the actions of a single person, and it doesn’t matter how influential that person is.
- The first reason that proves that bitcoin system doesn’t care about what Elon musk says is that the proof of work doesn’t care at all. You need to know that the bitcoin proof of work algorithm always rewards both the bitcoin miners as well the people who are investing their money in it over time because their years of work are the only thing that has made the blockchain network so strong. If we talk about Elon musk, then the proof of work is more significant to the other reason. This means that it doesn’t matter what Musk says about bitcoin. He is providing the good publicity of bitcoin rather than the bad one.
- Another reason is that the price of bitcoin doesn’t care for anyone. This is because, despite all the words which Elon musk has said about bitcoin, the prices of bitcoin are still increasing. In one of the events, the bitcoin spends more than 2 hours in the dropping before it got reversed back, and it is holding the higher levels for it. The bitcoin analysts are even saying that this kind of dip was also seen in the year 2017. So, there is no need to worry about anything because the price of bitcoin will rise again.
- Bitcoin consumption also doesn’t care at all about bitcoins. The thing is that once the dust on the Musk tweet of energy consumption of bitcoin settles down, then a great debate will increase on how eco-friendly bitcoin is. In the last week, the CEO of the major bitcoin holder MicroStrategy, Michael Saylor, has also given a public interview in which he said that the lack of the merit inherent in claiming bitcoin is bad for the environment. He said that Tesla stopping the bitcoin for the payment is quite ironic.