Editor’s note: Even if you’re not a ‘tech head’, you can probably sense it. A great ‘digital disruption’ taking place in the financial world. Cryptos are just the tip of the iceberg…and our friends at Port Phillip Publishing held a free event to help you understand what’s happening. Read the note below for more… |
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Dear Reader, Some crypto investors feel betrayed by Elon Musk. Earlier this year, the Tesla founder made a big song and dance about investing in bitcoin, even saying you could now buy a Tesla with bitcoin. But then he shocked crypto markets by reversing this position, declaring: 
| Source: @elonmusk via Twitter |
The sad truth? Musk may well have been trolling you all along. His snout has been firmly in the fiat trough — what we call ‘the old game’ — all along. Are we really to believe Elon Musk invested almost US$2 billion into bitcoin without understanding the proof of work (POW) system that is the lynchpin that secures the network? The only possible answers here are: - He’s incredibly incompetent.
- He’s being completely disingenuous.
I’m opting for option two and this is why: You see, just the day before the Musk backflip, it was reported on Reuters that Tesla was trying to get approval for a new US government renewable fuel credit scheme. Reuters wrote: ‘Tesla Inc (TSLA.O) is seeking to enter the multi-billion dollar U.S. renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals, two sources familiar with the matter said. ‘The electric car maker is one of at least eight companies with a pending application at the Environmental Protection Agency tied to power generation and renewable credits, the sources said. The EPA produces a list of pending applications with some details, but not companies’ names.’
Some deeper digging revealed that Tesla was pretty desperate to get accepted into the new scheme after an old scheme — that mandated petrol-powered car companies like Chrysler buying renewable energy credits (RECs) from Tesla — was likely coming to an end. Tesla made US$1.58 billion selling these RECs last year. A lot more than it made from selling cars! And even when it comes to CO2 emissions, the hypocrisy of Musk is staggering. As Coin Metrics founder Nic Carter noted in a tweet: 
| Source: @nic_carter via Twitter |
Of course, Musk has no problem selling Teslas to coal-hungry China. Anyway, in my opinion, Musk’s change of heart is purely driven by self-interest. An attempt to get his hands on the gravy train of free government dollars. It’s sad, really… But that seems to be the way of things right now for an awful lot of companies. The begging bowl comes out every time they are in trouble. So much for free markets and capitalism, eh? But this corrupt and rigged system is coming to an end. Unimaginable opportunities are presenting themselves as a result. Most people don’t see them yet. Even Elon Musk can’t hold them back. To find out what they are, watch this. Regards, Ryan Dinse,
Editor, New Money Investor | 
