Has Elon been playing the role of behind-the-scenes trickster in the world of crypto?
At the time, the announcement was viewed as bad for Bitcoin, whose price dropped below $50k the same day as the news.
The weeks since Bitcoin broke below $50k, however, have seen important developments for crypto’s sustainability.
The first was the the creation of the Bitcoin Mining Council
, or BMC, a “voluntary and open forum of Bitcoin miners.”
Part of the BMC’s mandate is to increase transparency into the Bitcoin mining industry, including publishing data on renewable energy usage
Michael Saylor, who helped Tesla purchase Bitcoin, convened the initial council meeting. While Elon is not on the BMC, he participated in the call.
The BMC could provide the accountability necessary to push Bitcoin miners to use more renewable energy, as well as the mining data that Tesla uses to justify accepting Bitcoin again.
Did Elon’s decision to pause Tesla Bitcoin payments set in motion the chain of events that lead to the greening of Bitcoin?