The following is a quote from Alex Adelman, CEO & Co-founder of Lolli on Elon Musk’s recent tweets on bitcoin. Lolli is the bitcoin-back rewards program leading the charge of mainstream adoption by giving shoppers free bitcoin when they shop at 1,000+ top retailers like Nike, eBay, Best Buy & more.
Q1 2021 hedge fund letters, conferences and more
Elon Musk's Criticism Of Bitcoin
CEO and Co-founder of Lolli, Alex Adelman said, “Elon Musk’s recent comments exemplify just the problem that bitcoin aims to solve. While the CEO previously validated that bitcoin incentivizes green energy, it’s highly unlikely that a sophisticated, intelligent titan of sustainable technology with a world-class research team would have publicly championed and poured $1.5 billion into bitcoin without truly understanding it. As he continues to throw support behind Dogecoin, Musk maintains an absurd inconsistency that severely undermines his credibility in criticizing bitcoin. Doge is identical to bitcoin in that both use Proof of Work–the energy-intensive mining process to create new bitcoin. However, it’s been reported that anywhere from 35-75% of bitcoin mining is being completed through renewable energy resources. Proof-of-Work incentivizes miners to seek lower cost, renewable energy sources.
We’re watching a long-game PR play by the Tesla CEO to either buy bitcoin at a discount (as the company was profitable largely due to bitcoin last quarter) or make an entry into the U.S. renewable fuel credit market.
