Although it is true that Bitcoin wants to soar as high as the financial markets and the undying support of the traders would allow it to, but Elon Musk and China have been among those pushing its flight towards the ground. Elon Musk was fiercely supporting Bitcoin and all its moves and even planning to take its blockchain under his wing to make it consistent, better, and more fluent but suddenly decided to part ways with Bitcoin. 

His company Tesla had already bought $1.5 billion worth of Bitcoin, which Musk was tweeting about liquidating because of the fact that Bitcoin’s mining practices put a heavy strain on the environment; why? Because it still uses fossil fuels whose burning gives rise to black clouds of smoke containing tons and tons of carbon, thus harming the natural ecosystems in the process. 

While Musk’s argument regarding the damage to the environment by Bitcoin mining was authentic but his execution to that effect was not subtle in any way. This led to a massive blow to the investors’ support for Bitcoin and thus plummeted its price down to the ground in a bearish attempt commencing a proper market level crash for cryptocurrencies. And then there is China always trying its best to raise a scandal regarding Bitcoin mining and trying to halt it as severely as possible. 

Bitcoin might be Advancing Towards a Major Bump in its Price Value

There have been waves of this in the past when China attempted to go against Bitcoin mining but couldn’t elaborate its tactics towards a more severe reproach, but this time around, China is adamant about eliminating all crypto mining from the region and has issued a severe crackdown against the remaining miners. This very activity has been bringing the hash rate of Bitcoin down severely and hurting its reputation in the process. 

However, both Elon Musk and China combined will not be able to do a thing to stop Bitcoin from reaching $135k at the end of the year, according to Plan B, pseudonymous developer of the Bitcoin stock-flow model. The supporter claims that Bitcoin is marching closer towards achieving the same market position on the charts as in 2013 when breaking an all-time high and growing beyond belief in its price and value. Who knows if Bitcoin will be able to pull it off this time around, but Bitcoin supporters are sure hoping madly that it just might.