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Samson Mow's Meme Targets Elon Musk's Bitcoin Stance

Analyzing the humorous critique of Elon Musk's views on Bitcoin's proof-of-work algorithm by Samson Mow and its implications.
Published on 2024-01-20

Elon Musk and the Bitcoin Debate

Samson Mow, founder and CEO of Bitcoin-focused company Jan3, recently shared a cat meme aimed at Elon Musk and Bitcoin enthusiast Preston Pysh. This meme humorously critiques Musk's criticism of Bitcoin's proof-of-work (PoW) consensus algorithm. Mow's comment, “Proof of Work isn't rocket science. But it might as well be!” references Musk's previous statements about Bitcoin's environmental impact and his high-profile acquisition of Twitter.

Musk's Bitcoin Controversy

In early 2021, Elon Musk made headlines by revealing Tesla's $1.5 billion Bitcoin investment, and the company's decision to accept Bitcoin payments. However, this acceptance was short-lived. By April, Musk reversed the decision, citing environmental concerns associated with Bitcoin mining's reliance on the PoW algorithm. This move drew criticism, especially since Dogecoin, a cryptocurrency Musk supports, also uses PoW.

Renewable Energy and Bitcoin

Musk had indicated that Tesla might resume Bitcoin payments if miners used at least 50% renewable energy, a threshold reportedly reached the same year. Despite this, Tesla has not yet reintroduced Bitcoin payments. Nonetheless, Musk recently confirmed that SpaceX continues to hold Bitcoin, and he still owns Dogecoin. Tesla's Bitcoin holdings are believed to have reduced, though some BTC is reportedly still held.

Bitcoin's Progress with ETFs

In recent developments, Bitcoin has seen significant progress with the SEC's approval of 11 filings for spot Bitcoin ETFs by major Wall Street firms. This milestone marks a major step forward for Bitcoin's integration into mainstream finance.

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