Following a tweet, Elon Musk was chastised at the Bitcoin 2021 conference, resulting in a price dip.
The cryptocurrency was nearing $40,000 ahead of the conference’s opening day, but it plummeted to slightly about $35,500 late Thursday evening. Musk sent out the heartfelt message about 9 p.m. EST.
The wealthy computer entrepreneur has highlighted environmental worries about the Bitcoin mining process, which is the technique by which the money is created. Bitcoin mining is accomplished by solving mathematical puzzles on powerful computers that use a lot of energy.
Other cryptocurrency analysts, though, disagree with Musk’s conclusion. During the conference, Michael Saylor, co-founder of the business intelligence company MicroStrategy and an ardent Bitcoin supporter, stated that “Bitcoin is the most efficient use of energy that the human race has yet come up with.”
“I believe Bitcoin is an enormously disruptive, helpful technology for the whole energy business,” Saylor said. “As I investigated it, it became evident to me that it represents the highest-value application of intermittent energy.” “It is the most valuable application of renewable energy. It is the most valuable application of wasted or stranded energy. And it is just the highest-value use of energy.”