Elon Back on the Victory Train (But We Don’t Need Elon)

Elon is back on the Freedom Train to Glory.

On Sunday, he tweeted that Tesla is going to use Bitcoin, the mining just has to be at 50% renewable energy.

Meanwhile in reality, virtually all estimates of the amount of renewable energy involved in mining put it at higher than 50% already.

I’m not particularly happy to re-embrace Elon after all of the trouble he caused. I’m not surprised he’s back though – he’s the kind of person who likes to be liked, and he seems to have trouble distinguishing from people who like him for his businesses, people who like him for his jokes, and people who like him because they think he’s disrupting the establishment in a positive way. Most relevant people who are going to drive opinion like him for the latter reason.

Clearly, you can’t be against Bitcoin without being an internet villain, and so he’s back with us.

That’s good, sure – but let’s not put too much in that.

It’s good because Elon broke, he surrendered to the mob, he realized he can’t go to war with the greatest invention since the internet and win.

It’s also great because it shows that the entire argument of “Bitcoin is causing global warming” was a paper tiger. There is nowhere really to go with it, because the miners want to use “green” energy because it is cheaper. There are all of these isolated sources of hydroelectric and geothermic energy that are not currently being tapped because they’re out in the middle of nowhere, and Bitcoin miners are eager to tap that.

Michael Saylor’s mining council is going to manage this question. He will deal with it, solve it, and it will be done.

That means that Tomahawk Liz will have to come up with a new line of argument for why Bitcoin is bad. She probably will say “it causes coronavirus” just to cause people to scramble in confusion for a few days, to force Michael Saylor to create a council showing that Bitcoin doesn’t cause coronavirus.

But then what?

The jig is up.

We’re banking in Texas.

Republicans continue to go to bat in Washington.

The SEC is choosing not to regulate.

There were rumors Biden was going to say something about crypto at the G7 – he didn’t. He might try to blame Putin for it on Wednesday, but I doubt it. “Bitcoin is a Russian plot” sounds too silly and dumb.

Meanwhile, as we’re waiting on more news from Latin America: Tanzania’s on board.

We’re waiting for news out of Nigeria.

It’s funny that @jack is working with Nigeria at the same time Nigeria is at war with Twitter. It just shows that he has no influence at all on Twitter, which is very sad.

The more third world countries adopt Bitcoin, the better. Nigeria is a pretty big one, but if Mexico goes all in, the jig is up.

It’s still possible that the feds have some ace in the hole here. They could collapse the Tether scam, and that could do something – though no one really knows how that scam would collapse or what a collapse would do.

I had thought we were still going to go lower before we went higher – but now it’s looking like we might just ride straight to the Moon.

Looks like the bears are tamed.