Elon Musk and Bitcoin: A poisonous relationship

On July 8, Max Keiser and Stacy Herbert hosted an Elon Musk-inspired present in Austin, Texas. Aptly named “F*ck Elon,” the occasion, which included numerous Bitcoin (BTC) maximalists, was certain to be a rowdy affair. Keiser is understood for a lot of issues, however restraint just isn’t essentially one in all them.

Though we are able to debate the deserves of such a provocatively titled occasion, Musk’s divisiveness is definitely not up for debate. Earlier this yr, the Bitcoin neighborhood — together with the maximalists — had been vocal supporters of Musk. He noticed worth in Bitcoin and Bitcoin noticed worth in Musk, probably the most influential folks on the planet. In some ways, it was a match made in heaven.

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In early Could, nonetheless, when the 49-year-old introduced that Tesla was no longer accepting Bitcoin as a way of fee, Musk’s recognition among the many Bitcoin devoted shortly pale. Now, many view him with suspicion; others, like Keiser, view him with disdain, therefore the colorfully titled occasion.

One wonders, what’s the purpose of a “F*ck Elon” occasion? In any case, we’re informed that Musk not influences the cryptocurrency market like he as soon as did again in Could. The as soon as extremely potent grasp is now an impotent “shill.” Though the authors made legitimate factors, it’s necessary to recollect who Musk is, and, extra importantly, what he’s able to doing. Bitcoin could be very a lot in his crosshairs.

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Three weeks in the past, the Tesla CEO introduced that the company plans to accept Bitcoin as soon as clear vitality objectives are met. In different phrases, Bitcoin and Musk have unfinished enterprise. Contemplating that the way forward for Bitcoin seems to be inextricably linked with clear vitality, the way forward for Bitcoin additionally seems to be inextricably linked with Musk.

Proper now, his affect over Bitcoin seems to be minimal, however there’s each cause to suppose that can change. Kind is non permanent, class, although, is everlasting. And Musk is a first-class manipulator. Dogecoin (DOGE) is a enjoyable coin nevertheless it doesn’t seem to have a authentic future. Bitcoin, alternatively, seems to have a really vivid future. It’s enjoyable to fiddle with DOGE, however in the event you’re critical about cryptocurrencies, you marry Bitcoin.

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Is Musk poisonous?

By its very definition, a poisonous relationship consists of Jekyll and Hyde personalities, the place at the least one of many companions switches between cold and hot. Now, enter Elon Musk. In the future he’s bowing down and paying homage to the Chinese language Communist Celebration, the following day he’s calling a hero a pedophile on Twitter. Musk is an erratic pressure. He’s the one man who can match Bitcoin’s inherent volatility.

In a poisonous relationship, exhaustion is the norm. Musk is an exhausting affect and there’s cause to consider that he’ll proceed to exhaust humanity, particularly these inside the Bitcoin neighborhood. Poisonous relationships are additionally synonymous with deceit. A very smart particular person, Musk can be liable to exaggerations and false guarantees. Since 2016, Tesla prospects have been billed for the extremely publicized self-driving function that doesn’t actually exist.

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As Andrew J. Hawkins at The Verge writes, the complete self-driving software program that Musk promotes “doesn’t allow a Tesla automobile to drive itself with out enter from the motive force.” In different phrases, self-driving vehicles aren’t able to self-driving. This isn’t a great search for Tesla, neither is it a great search for Musk. Whether or not his deceit is acutely aware or in any other case, Tesla prospects have been taken for an costly journey. With Common Motors and Ford busy learning from Musk’s errors and making superior electrical autos, will Musk’s habits develop into extra erratic in nature? Don’t wager towards it — Bitcoiners beware.

A mercurial entrepreneur, not an inventor

Musk just isn’t an inventor. He’s a mercurial entrepreneur, keen to say or do something to generate curiosity. Though he’s clearly a superb man, he lacks restraint. Musk’s phrase just isn’t his bond. The truth is, in Musk’s world, the idea of reality appears to be extremely malleable.

In a latest article, Peter Chawaga discussed a form of post-Elon world, with Bitcoin liberating itself from the entrepreneur’s meddling. Chawaga famous, “No single individual, regardless of how influential in their very own spheres, is extra very important than the community.” In the identical piece, the aforementioned Stacy Herbert says:

“Elon and different fiat billionaires have to be taught that you simply don’t repair Bitcoin, Bitcoin fixes you.”

Has Bitcoin truly “mounted” Elon? Can Elon truly be “mounted?” Bitcoin may need gained this battle, however the battle, I argue, is way from over. In fact, it needn’t be a battle. Sooner or later, Bitcoin and Musk might very nicely take pleasure in a harmonious relationship. Nonetheless, contemplating Musk is likely one of the most erratic celebrities on the planet, the connection will most likely develop into extra poisonous in nature. Screaming “F*ck Elon” is perhaps cathartic, nevertheless it will not be efficient. Bear in mind who you might be coping with: A extremely influential billionaire with a “F*ck You” persona.

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The views, ideas and opinions expressed listed below are the creator’s alone and don’t essentially replicate or signify the views and opinions of Cointelegraph.

John Mac Ghlionn is a researcher and cultural commentator. His work has been printed by the likes of Bitcoin Journal, The New York Submit, The Sydney Morning Herald and Nationwide Overview.