Elon Musk Accepting BTC again so Hodl!!!

As much as I admire Elon Musk I must say his flip flop decision on accepting BTC and not is really not helping me to believe he is a true believer in cryptocurrency. Out in the news recently is that Tesla is now again allowing payment of their customers for goods and services in BTC is acceptable again. Why? Oh now Tesla is saying crypto miners can reach a 50% threshold of use of eco-friendly energy to mine BTC than Tesla will accept BTC as currency again. How can a few weeks let alone even a month later would miners be able to convert 50% of their energy use to environment friendly? Why was 50% even picked? I think there is another agenda to this.

Selling Out for Breakeven?

Recently BTC has fallen to as low as $32k and it has put a dampening on crypto investors. It is likely Elon Musk felt the same as his buy in price probably was higher in respect to when Tesla disclosed they had purchased BTC. So to create some type of price support Tesla comes out saying BTC is again considered a currency and acceptable for use by the company. Yet what is the coincidence that this is allowed only after BTC drop back to $32k a day or two before the Tesla announcement?

My take here is Tesla is trying to get out of all its BTC positions without carrying a lost and to make head lines news that appears bullish would help. So now BTC over the current day is back up to $38k, but is it sustainable? Likely Elon maybe trying to prop prices so either Tesla books look black to green with no red or sell at a reasonable price to not be in the hole.

Conclusions

Another oddity is Tesla outright came out saying at least 50% of the mining energy must come from renewables. How would one be able to track this? And why is 50% chosen? Why not more or less? Without a consistent way to extractpolate the energy usage for mining BTC or cryptocurrency in general worldwide it is difficult to believe hitting 50% will be accurate. It may seem to be an easy out to be bullish BTC for Tesla again.

Either way the potential of BTC being useful asset is again in the mist. With Tesla potentially allowing the use of BTC it makes this very bullish for BTC and crypto as a whole. Before it was a no to cryptocurrency but now its a maybe, next up its a permanent yes ;)

Let us all keep hodling our cryptos for better days ahead. Thanks for reading.