Elon Musk does have a point

The negative news that has impacted Bitcoin this week that came from the deliberations by Elon Musk have not yet dissipated. To add a little more detail to that let me explain. Musk and Tesla are no longer accepting Bitcoin as payment for their vehicles. The reason cited by Musk is the huge carbon footprint left behind when Bitcoin is now mined. Delving a little deeper into all this, it seems that the mining of Bitcoin now requires as much electricity annually that equates to around 50% of all UK consumption, as an example of the power needed. If correct that is simply staggering. Now Musk is a very smart cookie right, so he must have had some idea of this issue before he loudly, and proudly announced the $1.5 billion Tesla holding. His subsequent U turn on the payment issue, yet refusal to part with that holding, is not entirely consistent. However, do not be surprised if he is yet forced to do that. Of course he will not make a song and dance of it for obvious reasons. He might want to shout about it when it has them, but for sure he will want to keep it quiet when he wants to get rid of them. Bitcoin has traded in a range so far today, approximately covered by 48,500 to 50,500. It is currently trading at 49,510