SBF comments on Tesla suspending Bitcoin payments: The world will become increasingly changeable, and we must always accept it

This article is sourced from Rhythm BlockBeats.

On May 13, Tesla CEO Elon Musk suddenly announced that Tesla would no longer accept Bitcoin payments, less than two months after they announced support for Bitcoin payments. Bitcoin fell by 15%, dropping to $46,000 at one point, with over $2 billion in liquidations across the network.

Elon Musk's reason for this decision was that the way Bitcoin is mined is not environmentally friendly and causes harm to the environment, which led to the decision to pause support for Bitcoin payments.

If it were just a pause on Bitcoin, it might not have caused dissatisfaction among crypto users and industry insiders.

On May 14, Musk tweeted again, stating: "Working with Dogecoin DOGE developers to improve system transaction efficiency." He added, "It needs to be clear that I believe in cryptocurrency, but it cannot drive fossil fuel use, especially coal."

This statement led many to mock his "double standards." Some commented, "Dogecoin, like Bitcoin, needs mining, you can't be unaware of that, right?" Blockstream's CSO (Twitter name Samson Mow) directly asked, "Don't you have a company to run?" seemingly mocking Musk for being obsessed with promoting Dogecoin and "neglecting his duties."

Many professionals in the crypto field expressed their views on Musk's "capriciousness" and the reasons for halting Bitcoin payments.

FTX co-founder Sam Bankman-Fried tweeted several times to clarify his perspective: "We can all be capricious."

For so many years, we have been "treated well" by Musk, who said, "This is a meme, I like Bitcoin." We responded, "Yes, this makes you happy."

He did not pretend to be loyal or respectful to BTC. Or, for that matter, he was quite honest. We all thought this was a good thing. Respect or compliance is precisely the killer of innovation.

SBF continued to mention, "Even if Musk's tweets about BTC turn into tweets about DOGE, we are not shaken at all. The world's most outstanding businessman is tweeting about our industry. If DOGE is something that brings him joy, then it brings us joy too."

Dogecoin is thriving, and we are delighted, even though the media is completely confused by everything happening in the crypto world. These days, sometimes I feel like the world is divided into those who understand memes and those who do not. Some who do not understand Elon question, "DOGE is a joke! Why do you support it?"

People want to know why he chose DOGE, why he, to some extent, also chose us. Why choose something with no intrinsic value? Why choose something that is merely a meme?

To some extent, I think it's because Musk is bored. Sometimes playing other games is too easy. He needs to add some fun to himself. But to some extent, DOGE is a cultural gene, and that is its whole meaning.

What is real value, but what is a meme that we recognize?

Bread is valuable, as are shelter, water, music, and mathematics. Gold, dollars, NFTs, the Super Bowl, Tesla, and DOGE all have their own value.

Although DOGE has no intrinsic value, he still chose DOGE because it is a meme coin. There are so many things in the crypto world that are valuable and real; what makes DOGE look so different?

When he shifted from one meme to another in our world, we liked him. Then he chose DOGE, and we applauded, thinking he obviously "still chose" BTC. It's hard to say he didn't warn us.

And his recent actions may be because he is bored again. "Today feels like a good day to stir things up." After all, this is not the first time this has happened.

Maybe it's because we think of him as "one of us." However, he will never be one of us because, to be precise, he will never be a part of any organization. We try to place him in the big box of the BTC matrix, so he has no choice but to find a way to escape.

But maybe. Just maybe we forgot a theory: sometimes the simplest, cleanest explanation is the correct one. Elon Musk runs an electric car company. Whether you like it or not, Bitcoin is not the most energy-efficient cryptocurrency.

Perhaps, like many other things, Musk's affection for BTC will be extinguished by various "intervening forces."

SBF concluded: "The world is becoming increasingly capricious. Anything that rises can end at any time. This is bound to happen, not just to us."

Compared to SBF's neutral comments, many insiders are still dissatisfied with Musk and Tesla's decision.

MicroStrategy CEO Michael Saylor, who once encouraged Musk to add Bitcoin to the balance sheet, replied to Musk: "Ironically, because of Bitcoin transactions, energy is used to secure the crypto asset network, and in the long run, the net impact on fossil fuel consumption will be negated."

Morgan Creek Digital co-founder Anthony Pompliano clarified: "Elon… you realize that 75% of miners use renewable energy, right? This energy story has been told over and over again."

In fact, from daily tweets to various interviews, we can see that Musk is not ignorant of cryptocurrencies like Bitcoin or Dogecoin; on the contrary, he has learned and understood them.

As for Tesla's actions this time, we hope it is, as SBF speculated, a decision made under the influence of various "intervening forces." As a company that produces cars using clean energy, Tesla has its own considerations.

In any case, Bitcoin will not stop moving forward because of Tesla's support or lack thereof; the changes in the world are the norm, and stability is the exception. What we can do is embrace the changes in the world and be prepared for them.

Source link