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It is a function of bitcoin's price and mining reward.

• cinntaile 5y ago
  That sounds plausible but Musk must have known this when he made Tesla invest in BTC. So why is he now claiming that this is insane when it was expected?
  • throwaway4good 5y ago
    That is a very good question.
  • devmor 5y ago
    Because, thanks to NFTs blowing up with a very negative reaction, the social sphere has suddenly realized how bad proof-of-work crypto actually is for the environment and it's now a hot button issue. tl;dr - He's appealing to popular morals.
  • FuckButtons 5y ago
    Market manipulation.
  • MetaWhirledPeas 5y ago
    You might be giving him too much credit. I realize he's very "with it" but in truth he's probably swamped for time and can't participate in a bunch of message board debates about the pros and cons of crypto. Consequently he probably came to a premature conclusion. We like to think smart people are going to make the right decision every time, but people have their limits.