Indeed, its important for Tesla supporters to recognize what happened in the crypto space this week: there as a
DELIBERATE effort to tank the price of BTC (down 20% over a 24 hr period) and (miraculously) the selling stopped exactly at the price level where the instigators guessed that they would force an impairment loss on Tesla:
View attachment 664167
And now (again, miraculously) the price has recovered to $42K (as of 13:00 GMT May 20). It's not hard to imagine two players with separate bitcoin wallets selling back and forth to drive the price down quickly.
But with blockchain, there can be no counterfeiting of the asset being sold, so its a level playing field for buyers and sellers. When others jumped in to pick up bargains, the selling quickly dried up. The law of supply and demand to set the price still applies (outside Wall St. naked shortzes).
If I were Zach (and I'm not), I'd be a BUYER at the lows this week. The carbon intensity of a single transaction for several 10s of
millions USD is miniscule, compared to the same amount of carbon released for a transaction of a few 10s of
thousands USD (and Tesla's side of the transaction can be renewably clean).
Cheers!