Tweets from Tesla and SpaceX CEO Elon Musk about the environmental dangers of mining have dramatically changed the mindset of American investors about Bitcoin, according to an Investing.com poll.
1103 American investors took part in the survey. Of these, 49% believe that if mining is harmful to the environment, it could deter them from investing in bitcoin. About 70% of survey participants said they would prefer to invest in a greener cryptocurrency. 36% of respondents were unaware that Bitcoin mining could have a negative impact on the environment until Musk raised the issue on Twitter.
In May, Musk announced that Tesla would stop accepting Bitcoin to pay for Tesla’s electric vehicles. The company is ready to resume accepting payments in BTC if bitcoin miners switch to using energy from renewable sources.
Ark Investment Management founder Catherine Wood believes that this was one of the reasons that marked the beginning of the fall of bitcoin and the entire cryptocurrency market. Discussions over the sustainability of mining led to its ban in China. Even the authorities of the Chinese provinces of Xinjiang and Sichuan, which, thanks to the abundance of hydroelectricity, were favorite places for miners, began to disconnect them from the networks. This forced miners to sell hardware or move it to other countries, as the Chinese mining pool BTC.com did.
According to Investing.com, 30% of survey participants sold their bitcoins in the past month, with Musk’s comments on the environment influencing the decision of one in five investors to sell BTC. In addition, 33% of investors find Musk’s tweets about Bitcoin “annoying,” 22% find them unfair, and 27% entertaining. When asked how the Tesla CEO’s statements influenced their opinion about cryptocurrencies, 51% of respondents said that Musk has “too much power,” and 24% do not believe that a billionaire can have a big impact on the cryptocurrency industry.
“After Elon Musk was proclaimed the“ king of the crypto community ”and after his recent announcements about bitcoin, he made new enemies for himself. Bitcoin’s price is largely driven by psychological sentiment and will now have a hard time recovering, ”said Investing.com analyst Jesse Cohen.
So, recently the hacker group Anonymous accused Musk of stirring up the cryptocurrency market and “ruining the lives” of many cryptocurrency owners with his tweets.
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