{"id":42607,"date":"2021-05-17T13:18:17","date_gmt":"2021-05-17T10:18:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42607"},"modified":"2025-08-30T23:59:57","modified_gmt":"2025-08-30T20:59:57","slug":"elon-musk-criticises-bitcoin-for-centralisation-and-threatens-to-bet-it-all-on-doge","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/elon-musk-criticises-bitcoin-for-centralisation-and-threatens-to-bet-it-all-on-doge\/","title":{"rendered":"Elon Musk criticises Bitcoin for centralisation and threatens to bet it all on DOGE"},"content":{"rendered":"<p>The cryptocurrency community lashed out at Elon Musk after his remarks about Bitcoin and the meme cryptocurrency Dogecoin (DOGE). On May 16, Peter McCormack, host of the Digital Gold podcast, published a thread assessing the impact of the Tesla founder&#8217;s tweets on the market.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Dear <a href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a>. The perfect troll is one where people don&#8217;t know whether it is a troll or not. Your recent poorly informed criticism of <a href=\"https:\/\/twitter.com\/hashtag\/bicoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bicoin<\/a> + support for Doge may be the perfect troll\u2026or you might actually believe this (God I hope not).<\/p>\n<p>\u2014 Peter McObnoxious (@PeterMcCormack) <a href=\"https:\/\/twitter.com\/PeterMcCormack\/status\/1393971202738302986?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to McCormack, in the long run Dogecoin will bring no real benefit, unlike decentralised Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">3\/ Doge is a meme, a joke, it has no real developers and long-term serves little purpose beyond coin-flipping. <\/p>\n<p>The blocksize debate is over. Bitcoin is the only meaningfully decentralised cryptocurrency serving to solve problems caused by central banking.<\/p>\n<p>\u2014 Peter McObnoxious (@PeterMcCormack) <a href=\"https:\/\/twitter.com\/PeterMcCormack\/status\/1393971205007413251?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The podcast host noted that Musk&#8217;s statements are harming the Bitcoin ecosystem.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhen you publish false information on Twitter about energy use and promote shitcoins, the market reacts, and a 30% drop in price can lead to a 30% reduction in the amount of money people have for everyday needs,\u201d<\/em><a href=\"https:\/\/twitter.com\/PeterMcCormack\/status\/1393971224385138690\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>said<\/em><\/a><em> McCormack.<\/em><\/p>\n<\/blockquote>\n<p>In reply, Musk noted that \u201csuch unpleasant threads\u201d give him \u201cthe urge to bet it all on Doge.\u201d He also <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393995872413888518\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">reminded<\/a> that he founded PayPal and understands how money works.<\/p>\n<p>Bitcoin, the first cryptocurrency, Musk described as \u201cvery centralised\u201d and dependent on mining companies. As an example, he cited a recent incident at Chinese mines that triggered a temporary drop in hash rate.<\/p>\n<p>Journalist Colin Wu noted that the decline in hash rate caused by inspections in Xinjiang and Sichuan was 15-17%. He added that the provinces have opportunities to use alternative energy sources.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It needs to be clarified that the decline caused by the Xinjiang safety inspection is 17%, while the current power outage in Sichuan dropped by about 15%. Xinjiang also has wind and solar power, and Sichuan is mainly hydropower. China&#8217;s mining clean energy usage will reach 50-65% <a href=\"https:\/\/t.co\/SefVaB5olX\">https:\/\/t.co\/SefVaB5olX<\/a> <a href=\"https:\/\/t.co\/oCVH96jSQ7\">pic.twitter.com\/oCVH96jSQ7<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1394181990933487618?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A further nudge to the discussion came from a user\u2019s tweet. They suggested that Tesla could drop Bitcoin in the next quarter due to rising negativity. In response, Musk wrote: \u201cIndeed.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Indeed<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1394001894809427971?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin&#8217;s price at one point <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-falls-below-43000\"> reached $42 185 <\/a> \u2014 the first time since February 8, 2021. It was on that day that Tesla disclosed its position <a href=\"https:\/\/forklog.com\/en\/news\/elon-musks-tesla-invested-1-5-billion-in-bitcoin-the-assets-price-rose-to-44800\">in the first cryptocurrency worth $1.5 bn<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/5TU5G2MmvdrGoMEdi-KNhWswsPMGRighGn8eysTxkcXVBW_5zIrBr9Ww5JBMc6btFOjJWHjYwJnfQCeFOCtg8LmVVhrvHHtF7IAyP2RRJMmWTjCRtjGW_TfW99LJdeXZtORcRIbG\" alt=\"Elon Musk criticises Bitcoin for centralisation and threatens to bet it all on DOGE\"\/><figcaption>BTC\/USD chart from Bitstamp. Data: TradingView.<\/figcaption><\/figure>\n<p>Commenting on the tweet about Bitcoin&#8217;s 20% drop, Musk said the automaker still holds Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To clarify speculation, Tesla has not sold any Bitcoin<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1394170030741413888?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ari Paul, founder of the crypto hedge fund BlockTower Capital, ruled out Musk&#8217;s influence on the price. He said the reasons were \u201cthe deterioration of Coinbase and MicroStrategy\u201d equity, as well as <a href=\"https:\/\/forklog.com\/en\/news\/grayscales-gbtc-discount-exceeds-20\">a decline in Grayscale Investments&#8217; Bitcoin Trust price relative to its net asset value<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We had 3 months of sideways BTC price action, with Coinbase equity and MicroStrategy weakening, GBTC premium falling off a cliff\u2026this sell-off isn\u2019t about Elon, that was just the excuse for BTC to follow the institutional flows. Zooming out, this is consolidation ahead of<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href=\"https:\/\/twitter.com\/AriDavidPaul\/status\/1394008739838054402?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cElon is merely an excuse to break the local range,\u201d<\/em> noted Paul.<\/p>\n<\/blockquote>\n<p>Earlier, Musk said that Dogecoin could <a href=\"https:\/\/forklog.com\/en\/news\/elon-musk-dogecoin-could-win-hands-down-against-bitcoin\">\u201ceasily\u201d beat Bitcoin<\/a>. Before that, the team of the main developers of the meme cryptocurrency said that <a href=\"https:\/\/forklog.com\/en\/news\/dogecoin-developers-say-they-have-been-working-with-elon-musk-since-2019\"> they had been collaborating with the businessman since 2019<\/a>.<\/p>\n<p>One of the Dogecoin creators, Jackson Palmer, who dumped his coins in 2015, called Elon Musk a \u201cnarcissistic fraud,\u201d and his appearance on Saturday Night Live was \u201ccringe.\u201d He added that he would delete the post in a minute because he has \u201cnothing left to say\u201d and \u201cenjoys living a quiet life.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Jackson Palmer, hidden for years,<\/p>\n<p>steps out from the shadows<\/p>\n<p>executes a headshot with brutal precision<\/p>\n<p>and fades back in \ud83d\ude4c <a href=\"https:\/\/t.co\/JWJErWmPeV\">pic.twitter.com\/JWJErWmPeV<\/a><\/p>\n<p>\u2014 notsofast (@notsofast) <a href=\"https:\/\/twitter.com\/notsofast\/status\/1392999141333032960?ref_src=twsrc%5Etfw\">May 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On May 13, Tesla announced <a href=\"https:\/\/forklog.com\/en\/news\/tesla-halts-bitcoin-car-sales-and-roils-the-market\">the suspension of electric-vehicle sales for Bitcoin<\/a> due to concerns about the environmental impact of mining.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency community lashed out at Elon Musk after his remarks about Bitcoin and the meme cryptocurrency Dogecoin. On May 16, Peter McCormack, host of the Digital Gold podcast, published a thread assessing the impact of the Tesla founder&#8217;s tweets on the market.<\/p>\n","protected":false},"author":1,"featured_media":42608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,99,1217,1499],"class_list":["post-42607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-dogecoin","tag-elon-musk","tag-peter-mccormack"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=42607"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42607\/revisions"}],"predecessor-version":[{"id":42609,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42607\/revisions\/42609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/42608"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=42607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=42607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=42607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}