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Elon Musk loses $20B since SNL, as Michael Saylor comes out firing

May 14, 2021. Summarized by summa-bot.

Compression ratio: 31.6%. 1 min read.

Michael Saylor has fired back Elon Musk’s environmental concerns surrounding Bitcoin mining. Musk is estimated to have lost $20 billion since his SNL appearance.

Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night live, as the news of Tesla halting BTC payments for cars continues to send shockwaves across markets.

Musk’s escapades aren’t just causing volatility in Tesla stock prices of course, with Bitcoin’s price declining 8. 1% from $54,448 when he dropped his BTC payments bombshell on May 13, down to around $50,000 currently, according to Coingecko.

So Bitcoin doesn’t need Tesla. ”

MicroStrategy CEO Michael Saylor also came out firing, taking on Musk on Twitter about the billionaire’s claims Bitcoin is not environmentally friendly.

Musk posted links to articles which referenced “dirty coal” Bitcoin mining operations such as the plant in Xinjiang which was temporarily shut down for safety checks last month — resulting in a sharp drop in the hash rate of China’s top mining pools.

The CEO of investment firm Skybridge Capital, Anthony Scaramucci suggested that this was part of Musk’s plan to help clean up Bitcoin mining by encouraging it to move to 100% renewables.

The path to $1 million BTC and hyper-bitcoinization demands renewable mining.

He wagered 500,000 Satoshis that Musk would enter the “super clean” Bitcoin mining market.

I wager 500k sats that, within a year, Tesla/Solar City will announces its entry into “super clean” bitcoin mining. — Anthony Scaramucci (@Scaramucci) May 13, 2021

by summa-bot

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