He basically comes out and upends the entire crypto market by throwing shade on Bitcoin due it's high power consumption and coal usage in one tweet. Fair enough. What does he turn around and do? He throws his weight behind another SHA-256 algorithm crypto in Ethereum. Ethereum is a great coin, but SHA-256 uses more electricity than Scrypt making his power efficiency argument nonsense. There is nothing to prevent the burning of coal and fossils to mine Ethereum rather than BTC.
At the end of the day, is the entire crypto valuation market based off this one man? This one man and his companies that haven't turned profit but merely survive off government subsidies? Please help me understand this, is the entire crypto market a coat-tail investment scheme? What am I missing?
For my part, if you analyze his business ventures you will notice that power storage is a reoccurring central theme to many of his businesses. This means that for his batteries to turn a profit then there must be incentive for people to actually store power rather than utilize it to mine crypto. How does it make economical sense as a battery manufacturer to expect anyone willing to store electricity when you can generate profit with mining and then use said profit to purchase back electricity? You can coat-tail into Ethereum with him, but for how long until he switches currencies, AGAIN? I like the Starlink and Tesla but at the end of the day if you take a look and question his decision making some serious concerns appear.