Blockchain stocks in early market trading Friday

Tiger Newspress2021-05-14

(May 14) Blockchain stocks in early market trading Friday.

The bit firmly between his teeth on this energy consumption thing, Elon Musk overnight engaged a bit on Twitter withMicrostrategy(NASDAQ:MSTR)CEO Michael Saylor.

Saylor (and others) havepointed out the obvious fallacyin Musk's logic, noting Bitcoin mining has nothing to do with transactions. Saylor: "Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered." Saylor also notes the vast majority of Bitcoin mining is accomplished via renewable energy sources.

Musk isn't pleasedwith entrepreneurs reviving shuttered power plants in out-of-the-way areas for the purpose of providing energy for Bitcoin mining, even as the revamped plants will now be using natural gas instead of coal.

Saylor:"Bitcoin (BTC-USD) offers 8B people a superior technology to guarantee their human rights to property, as well as a solution to the global problem of inflation & currency devaluation which creates $10Tn in economic damage per year. Isn't the fossil fuel mix second order?"

Bitcoin this morning has managed to bounce back to just shy of the $51K level, while Ethereum (ETH-USD) is ahead 6% and again topping $4K.

All well into the green this morning after yesterday's rout: Riot Blockchain(NASDAQ:RIOT), Marathon Patent(NASDAQ:MARA), Coinbase(NASDAQ:COIN), Canaan(NASDAQ:CAN), SOS Limited(NYSE:SOS), Microstrategy.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
75