Major market moves are always so painfully obvious in retrospect. The price of bitcoin surged almost 600% in six months. Alts did that and a whole lot more. Absolute dumpster pile meme coins were being valued in the tens of billions. And yet we were all out there screaming for US$100k bitcoin and one dollar DOGE. What were we thinking? So, while Elon’s now infamous broadside on bitcoin’s energy usage felt like the cause of the collapse, it’s perhaps better understood as the catalyst for the Crash We Had to Have. (And hopefully just a brief rest before the bull run resumes in full force).
The bigger question though: is Elon right? Is bitcoin destroying the environment? Can cryptocurrency be justified in a carbon conscious age?