That ‘Crypto Crash’ May Not Be So Bad, Here’s Why…
Well, it has been one hell of a month for crypto, huh? It all began with Dogecoin and Elon Musk, of SpaceX’s exceptional Twitter trolling skills.
We saw a record breaking numbers on the meme coin preceding Elon’s much anticipated ‘Saturday Night Live’ appearance, and of course boosted by his exceptional ability to captivate an audience in under 280 characters.
Since then, Elon has had a change of heart when it comes to Bitcoin’s energy consumption, leading to what some might consider a severe “crypto crash” , others, a beautiful disaster for the future of Bitcoin.
Things Really Start To Get Interesting For Crypto & Bitcoin…
As you can imagine, this presumptive Tweet, caused fear and panic to many Bitcoin believers everywhere. Here, at Byte Federal, we must admit, this conversation certainly threw us for a loop!
Could it be true that the brains at TESLA really didn’t understand the true value of bitcoin and the greater impact that the blockchain technology could potentially have for the future of currency?!
Is it possible that the Scientists, Engineers, and Experts at TESLA forgot about the positive impact that Bitcoin mining has on energy consumption in many cases and the flood of sustainable mining companies we are seeing in 2021?
Twitter Wasn’t Having It.
In fact, many prominent figures the crypto space began speaking up against Musk’s shade. The general consensus was that there must have been an abundance of research, gone unnoticed, and advice poorly taken, before coming to such a silly conclusion about Bitcoin.
(This went on for a while and eventually, Elon even shot back) SEE IT HERE
Of course, as we mentioned above, most of Twitter‘s Crypto Fanatics were BIG MAD at these wild assumptions that the trusted Elon was suddenly spreading about Bitcoin, and for good reason too!
McCormack Wasn’t The Only One Criticizing Elon’s Take On Bitcoin
We did a little digging ourselves, just for fun and found this data gem;
“According to a study done by the University of Cambridge, 76% of Proof-of-Work miners use renewable energies as part of their energy mix, and 39% of the total hash rate is done with renewables.
Hydroelectric power makes up 62% of the power sources for mining facilities, followed by coal at 38%, natural gas at 36% and wind at 17%. “LUKE CONWAY, THE STREET
The odd thing was, Elon also went on to Tweet that he wouldn’t be selling his Bitcoin either.🤔
Now, all this Twitter noise caused for quite a stir, but that wasn’t the only thing keeping crypto back. (Or, so media claims.)
You see, late last week ‘BREAKING NEWS’ stories announced ‘China banned financial institutions from crypto business‘. To this “BIG NEWS”, we urge you to “take it with a grain of salt”, as they would say in ye’ medieval times!
China has made their stance on crypto clear for quite some time now. In 2017, the Chinese Government banned local exchanges and ICOs (Initial Coin Offerings) This would not be the last word from the powers that be, in regards to cryptocurrency.
What Does It All Really Boil Down To?
Naturally, in true governing form, Chinese Government wants ultimate control over their people, and staying on topic, their people’s currency. It is not illegal for Chinese Citizens to hold crypto. The government is however, working to develop the digital yuan, which would explain their urgency to stifle Bitcoin’s magic. 🔮
All of that being said, the crypto market has certainly been for a ride the past few weeks but is this the end?
While many people panicked and sold at the first sight of a dip, others took this opportunity to get in on the future of finance.
There were plenty of peeps on Twitter boasting their buys, after Bitcoin’s surprisingly BIG DIP last week. Including the infamous Tom, from MySpace.
Tom Brady Knows The Crypto Game
Newbies, don’t stress. This is not THE END. In fact, many seasoned cryptocurrency investors have been much less than discouraged during this record-breaking dip, looking on the bright side!
What’s the ‘bright side’ of broke, you ask? Well, right now the crypto space may look pretty gloomy but the reality is, this is a great time to buy Bitcoin. In fact, this dip has been a “come up” for many big-time investors. According to Cointelegraph, Bitcoin whales accumulated 122.5K BTC over the last week.
Don’t Believe It? Ask Ray Dalio…
That’s correct. 71-year-old, Billionaire and owner of the World’s largest hedge fund is a firm believer in Bitcoin and the crypto space. On Monday, May 24, at a conference for CoinDesk’s Annual Consensus, Dalio disclosed some surprising info…
“Personally, I’d rather have bitcoin than a bond” as an inflation hedge…”
Dalio went on to add;
“I think bitcoin’s biggest risk is its success”
I’m not sure if you got that, guys, gals, theys and thems…the world’s largest hedge fund owner, is buying the value of Bitcoin! Was and has this dip a little scary for us all? Sure it was, but when we zoom out on the larger picture, the end result looks like greater opportunity and mass adoption. (That’s not so shabby after all, now is it?)
Are you ready to buy the dip?
Visit one of our 550+ Bitcoin ATMs, Nationwide to get a piece of the the crypto cake!🍰