Big Tech’s Second Big Move on Bitcoin Tomorrow
7/20
Our positioning is clear. Crypto sentiment is in dire straights. China already made their move, and we’re back to being stuck on the green energy narrative, if you’re just joining us this cycle.
Quick recap. Here’s how us westerners got here, as per the public’s focus:
- Jan 8 Elon Musk puts Bitcoin on TSLA’s balance sheet, plans to accept payments
“I don’t know if it makes sense for TSLA to buy Bitcoin […] but I do think it could be a catalyst for sustainable energy.” — Ark Invest Podcast 2019
The corporate treasury move was foreshadowed by his Twitter interactions with Michael Saylor
2. Bitcoin is an energy and therefore CO2 sink (exponentially so during euphoria phase)
Which he was surely aware of before making these moves
3. TSLA stops accepting Bitcoin as payment may 12
ESG pressuring TSLA is a highly likely outcome for this cyclical problem in which Musk has no choice but to comply
So far as I see it, there are two possibilities. Elon had basically no idea what he was doing, and recklessly gambled with TSLA’s balance sheet. Or this is somehow a favorable situation. He is bringing attention to the problem before presenting the solution.
We shouldn’t put the man on a pedestal, or assume he’s altruistic. There are plenty of incentives within the largest crypto communities for him to maneuver. Big Tech shall have their way regardless, as they offer valuable influence in the battle of information. Social Media is already the ‘mainstream’ marketing frontier for such debates, and it is a tragedy that traditional news outlets respond without engaging. Terms like “green-washing” imply cultism, or more importantly, that no debate is worth hosting.
But for Proof of Work blockchain technologies, it may be the most interesting question to ask. Ominously, it’s the cliff hanger Hal Finney, early contributor and first receiver of Bitcoin, left as his last tweet related to the crypto.
To be clear, neither side is currently capable of proving their point. Jack, Cathie and I’m sure Elon will put on a great show. If the mining counsel’s data is considered reliable and more complete, it’ll unlock a more resilient narrative for Bitcoiners. If their ventures drive economic incentives behind developing sustainable infrastructures, it may change the whole ball-game. With only their (quite) incomplete paper so far released, these remain fantastical concepts held by those with the power to actually change the world.
The B-Word Conference begins at 9:30 PDT, 7/21.