Buterin does not believe Musk has any hidden intentions with his mention of cryptocurrencies. The Ethereum co-creator also criticized the environmental impact of Bitcoin.
In recent months, the influence on the crypto market of Tesla billionaire founder Elon Musk has been pretty evident. But, according to Vitalik Buterin, this influence will come to an end at some point.
CNN Business interviewed the chairman, and asked Buterin about Musk’s impact on the market as reasonable, taking into account that it is something that the world of cryptocurrencies has not faced until now.
Musk has been actively involved in the world of cryptocurrencies through social media recently, according to the Ethereum representative. Therefore, there is still a bit of calm and a change of attitude in the markets to arrive before the entrepreneur loses its power to influence the price rates.
According to Buterin, Elon Musk’s tweet is something the crypto-space has experienced for the first time, literally, last year and this year. I think it’s reasonable to expect a bit of madness coming from users at a global scale. But the markets will learn that Elon will not have this influence forever.
Musk’s Apparent War against Bitcoin
Many users attribute the most recent drop in the price of bitcoin (BTC) to Musk’s war against the main cryptocurrency in the market, constantly criticizing the alleged environmental impact of mining that the issuance of BTC generates.
Musk’s tweet even caused a sudden rise in BTC and on multiple occasions, its influence has been a cause of inflation in the price of Dogecoin (DOGE), a cryptocurrency based on a meme whose development has been related for some years.
Although many in the cryptocurrency ecosystem speak openly about Musk’s behavior, Vitalik said: “I don’t think Elon has any kind of malicious intentions in any of this.”
Even so, the coincidence is that, just as it was targeting the energy consumption of Bitcoin and eliminating such a solid currency as a method of payment for its cars, Tesla was on the waiting list for renewable fuel credits. This information can be found in a record that takes part in a report from the Reuters agency.
The Environmental Impact of Bitcoin is not a Game, it is real
Although Buterin believes Musk’s influential power will subsequently vanish, Buterin endorsed the businessman’s comments regarding the environmental impact of mining. Buterin said: “The consumption of resources is huge. It is not the kind of thing that is going to break the world on its own, but it is a significant downside.”
However, Buterin clarified that the problem is not only the mining activity itself, but the manufacture of the software that miners use. Also, he unleashed a bitter comment about Bitcoin, judging by Musk’s recent attitude; he stated that if Bitcoin dares to stay with its technology exactly as it is today. There is a great risk that the cryptocurrency could face the shadow of obsolescence.
By: Jenson Nuñez
