Elon Musk slammed at Bitcoin 2021 conference after tweet, price drop

Elon Musk's tweet about Bitcoin was blamed by some for its cryptocurrency's cost fall

Elon Musk slammed at Bitcoin 2021 conference after tweet, price drop

Max Keiser, sponsor of the"Keiser Report," started his fireside chat by repeating,"F-ck Elon!" several times.

Lots of seminar attendees posted on societal websites about their disappointment in the Tesla CEO, who recently announced Tesla would stop accepting Bitcoin for vehicle purchases due to environmental issues that were imputed by sending the markets reduced in May.

The cryptocurrency neared $40,000 before their first day of this seminar but dropped to just over $35,500 late Thursday evening. Musk posted the broken-heart tweet around 9 p.m. EST..

Bitcoin mining is achieved by solving mathematical puzzles on powerful computers that require large amounts of energy.

But other cryptocurrency pros disagree with Musk's evaluation. Michael Saylor, co-founder of the company intelligence company MicroStrategy plus a staunch Bitcoin defender, said during the summit he considers"Bitcoin is the most effective use of electricity which the human race has yet come up with."

"I believe Bitcoin is an extraordinarily disruptive, beneficial technology to the full energy business, and as I researched it, it became apparent to me it's the highest-value use of irregular energy," Saylor said. "It is the highest-value use of renewable energy. It is the highest-value utilization of wasted or stranded energy. And it's only the highest-value utilization of energy "

Saylor also considers Bitcoin is the"method of developing power plants in remote locations,""driving efficiency in crops,""driving [energy] prices" and"solving any sort of hard energy issue."

Musk, a longtime public proponent of cryptocurrencies, considers the present mining process is too reliant on fossil fuels.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and trades, particularly coal, that has got the worst emissions of any gas," Musk said in a May 12 announcement posted to Twitter. "Cryptocurrency is a fantastic idea on several levels and we believe it has a promising future, but this can't come at great cost to the environment."

Saylor said at a May 24 tweet he hosted a meeting with Musk and North American Bitcoin miners to discuss the creation of the"Bitcoin Mining Council to promote energy use transparency & accelerate sustainability initiatives globally."

Musk also tweeted that miners have been"dedicated to publish present & planned renewable use & to inquire miners [worldwide] to achieve that. Potentially promising."

Some cryptocurrencies, such as SolarCoin, Cardano, Ripple and BitGreen, have produced"green" or sustainable crypto mining procedures as their principal focus.

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