Elon Musk Should Study Bitcoin Mining More, Advised Kraken’s CEO Jesse Powell

Elon Musk should study more bitcoin mining as the cryptocurrency is actually a lot greener than people believe, commented Kraken’s CEO, Jesse Powell. In a recent interview, the executive also admitted that the crypto market has cooled off after the latest bull market.

Musk Should Study More BTC Mining

Tesla’s CEO made the news last month after the EV-maker disabled bitcoin payments citing environmental concerns. Musk started to frequently bash the high energy consumption levels BTC mining requires, and the numerous Twitter debates didn’t really change his opinion.

The most optimistic promise coming from the billionaire and the electric vehicle giant was that the company would enable BTC payments again once there’s proof that the majority of bitcoin coming is from renewable sources.

Jesse Powell seems to be among those who believe that the primary cryptocurrency is actually a lot greener than people think. Speaking to Bloomberg, the CEO of Kraken, noted that Elon Musk should study more BTC mining as the asset is doing a lot in terms of renewable energy usage.

“I think there could be greener alternatives. However, I think bitcoin is a lot greener than people give it credit for. It is a way to capture a lot of discarded and lost energy. It is a way to bootstrap renewables. I think it’s doing a lot for the renewable energy sector.

I don’t know for how long Elon has been studying this, but I think he’s got some more studying to do on this topic.”

Jesse Powell. Source: Bloomberg

Bull Market Cooling Down?

The CEO of the veteran US-based crypto exchange outlined the significant growth in user base in the first few months of 2021. Moreover, he noted that more customers have signed up in that short period than in the entire 2020.

However, he also admitted that the trend might be reversing as the cryptocurrency market is no longer in such a bullish territory. Bitcoin and most altcoins have slid by up to 50% of their respective peaks, and most traders tend to be on the sidelines when such price movements transpire, Powell explained.

He also noted that “people who just came for the quick gains” were those who sold off more rapidly during the most violent stages of the market crash last month. In contrast, long-term holders have kept accumulating, which is actually evident from recent reports.