The founding father of one of many first bodily cryptocurrency exchanges has slammed what he perceives as hypocrisy on the a part of Elon Musk after the Tesla CEO introduced the electrical automotive agency would cease accepting Bitcoin (BTC) as a type of cost.

The fees of hypocrisy leveled at Musk stem from the truth that round $1.5 billion price of Bitcoin stays on Tesla’s stability sheet.

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Musk criticized Bitcoin’s vitality consumption in a current tweet the place he announced that Tesla had suspended vehicle purchases utilizing Bitcoin. The sudden reversal by Musk comes simply six weeks after Tesla made large information by announcing it would accept Bitcoin payments from prospects within the United State.

However in response to Nick Spanos, founding father of Bitcoin Heart in NYC and co-founder of Zap Protocol, the presence of over $1 billion price of Bitcoin on Tesla’s stability sheet means Musk continues to be keen to reap the income of what he deems a unclean environmental hazard. Spanos instructed Cointelegraph:

“I problem Elon that if Bitcoin is just too soiled for him to just accept as cost for his electrical autos, then it also needs to be too soiled to ‘hodl’ for income primarily based on everybody else utilizing it.”

“At the very least Local weather Czar John Kerry divested from his tens of millions within the oil trade earlier than taking his place of advantage,” Spanos added, referring to the U.S. politician’s sale of tens of millions of {dollars} price of oil shares previous to changing into Joe Biden’s Particular Presidential Envoy for Local weather.

One quandary posed by Spanos was the concept that if Elon Musk was really involved in regards to the surroundings, he would permit the commerce of “soiled” cash in return for clear vehicles. Spanos stated:

“Curiously, Elon desires to disclaim green-conscious customers the flexibility to commerce their supposedly soiled coin for a clear automotive. That appears counterproductive.”

“An enormous element of Bitcoin’s energy consumption is sustainable as a result of reactivation and building of recent hydroelectric sources,” reminded Spanos, hinting on the rise of renewable vitality sources, which some studies estimate account for over 70% of crypto mining.

Spanos referenced the eye introduced on Musk by the U.S. Securities and Change Fee when he was deemed to have manipulated Tesla share costs with irresponsible and ill-considered tweets.

Is Musk now subjecting Bitcoin and Dogecoin (DOGE) to the identical slings and arrows of outrageous fortune that befall a cryptocurrency when a world-renowned billionaire decides to take an curiosity in it? Spanos requested:

“Possibly, like along with his DOGE-for-Tesla tease, that is all contrived to govern Bitcoin’s value. Didn’t he get into bother for manipulation of Tesla share costs?”

Dogecoin proved reactive to Musk’s tweets once more on Friday after the Tesla CEO revealed he was working with developers to enhance the transactional effectivity of the meme coin blockchain. DOGE’s value jumped 26% within the quick aftermath of the tweet.