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Billionaire entrepreneur Elon Musk has the ability to move markets, and he’s very selective about how he uses that power. Bitcoin lost its influence after the Tesla chief moved away from the largest cryptocurrency for its carbon footprint. Now bitcoin has just taken another hit.
The much-publicized Bitcoin Mining Council (BMC) is now live. As a forum of volunteers, the organization is designed to be transparent about the Bitcoin mining process, which has been criticized for its energy consumption. They will hold quarterly meetings where members will disclose their BTC mining energy mix as well as their hash footprint.
While Musk has joined an initial call with bitcoin mining companies following his comments on the sustainability of the market, he is nowhere to be found on the board. In fact, the BMC must have anticipated and answered questions about Musks’ absence on the website, saying:
Elon Musk has no role at BMC. The extent of his involvement was to join an educational call with a group of North American companies to discuss bitcoin mining.
Doldrums of the markets
Since Musks’ fateful tweet about using fossil fuels like dirty coal for Bitcoin mining, the market has gone down, for the most part, and cut altcoins out of sympathy. The broader market value of the cryptocurrency fell from US $ 2.56 trillion in May to less than US $ 1.6 trillion at last check.
Musks’ cryptocurrency of choice is the Dogecoin coin, a project whose value has skyrocketed since Tesla chief approved it. The Dogecoin price has seen its market value surge so far this year, but it has also suffered a 50% drop since its peak in May against the backdrop of a broader crypto market pullback.
Musk Out, Saylor In
While Musk is at BMC, another CEO is very much in attendance. MicroStrategy chief Michael Saylor was behind the budding organization’s first meeting in May at which large-scale miners were in attendance.
Saylor, a bitcoin bull, is considered a key member of the group and its leader. MicroStrategy is a massive buyer of bitcoin by its balance sheet and its holdings are expected to reach $ 3.5 billion.
The story continues
Musk does not appear to be likely to provide favorable winds for the price of bitcoin in the near future. And while the Bitcoin bulls would likely take it back in the blink of an eye, there are other billionaires starting to fill the void.
This article originally appeared on FX Empire
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