Elongate: Market Rereads Bitcoin FUD Playbook & Waits For The Next Tweet

The Cryptoverse is hard at work debunking Tesla chief Elon Musk’s Bitcoin (BTC) criticism, with many accusing him of narcissism and market manipulation, while some trying to guess what else might be used from the BTC FUD (fear, uncertainty, doubt) playbook.

It’s not news by now that the business magnate wields great power through his words, and specifically, his words tweeted to his 55m followers. He himself admitted to possessing the power of moving the markets, while studies and analysts have argued this to be the case as well. Additionally, Musk is speculated to be in trouble with the US Securities and Exchange Commission (again, or still).

Commenters have argued that the SEC’s moves against the Tesla chief discredits his “FUD.” Others say that the more Musk tweets, the less people will listen, adding that, while it’s doubtful he’s ignorant of the consequences of his actions, he failed to fully consider them “empathetically.”

The Cryptoverse residents have already compiled lists of the most common FUD points related to Bitcoin, in an effort to debunk them or show how they’ve already been debunked. It includes claims that BTC is a bubble, is for criminals mostly, it ruins the environment, it’s centralized, it can’t scale, etc.

So far, Musk has mostly focused on how BTC mining affects the environment, now also adding that it’s a centralized network and Dogecoin (DOGE) can beat BTC in a scaling competition.

In either case, for some observers, the current situation is reminiscent of early 2017, while others say that everything there is to criticize bitcoin about had already been discussed years ago.

just setting up my twttr

— jack (@jack)

And once again, this time in 2021, many have joined efforts in an attempt to debunk Musk’s claims.

Michael Saylor, CEO of US-based software company MicroStrategy, posted this video in which he talked about the much-discussed Bitcoin’s energy consumption (also, a reason given for Tesla’s stopping purchases with BTC).