Behind door number 1 we have China (i.e. Skeletor), and a relentless barrage of crypto FUD meant to distract from the disastrous reception of the digital yuan in hopes that Beijing can, after almost a decade of trying, finally talk bitcoin down to zero (narrator: it can’t).
Behind door number 2 we have Elon Musk who realized, with a one week late, that by sending bitcoin plunging (perhaps to appease China, or some unknown ESG overlord) he also hammered TSLA stock not to mention his own net worth, and so moments before the close, the billionaire Tesla CEO – a little over a weak after announcing he will no longer accept bitcoin because gasp BTC miners use electricity – tweeted that he “spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Providing some more color, Microstrategy CEO Michael Saylor tweeted that he “hosted a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.”
Saylor added that “execs from ArgoBlockchain, Blockcap, Core Scientific, Galaxy DigitalHQ, Hive Blockchain, Hut8mining, MarathonDH, and RiotBlockchain were present & decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace.”