Cryptocurrency News

Kraken CEO Says Elon Musk Needs To Learn About BTC Mining

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Suffice to say, Tesla CEO and billionaire Elon Musk are often controversial as far as the crypto community may be concerned. He had been the one largely responsible for inadvertently causing the massive $20,000 dip in Bitcoin (BTC) after he removed the digital asset from Tesla’s list of payments, effectively eliminating a vital use case for the flagship crypto. Many have since said that Elon is actually just manipulating the crypto market for his own benefit, and the fact that there are rumours of Tesla potentially adding BTC once again only added to this line of argument.

To this end, Jesse Powell (Kraken’s CEO) has stated that it would greatly benefit Elon, and by extension the entire crypto community, if he were to educate himself a bit more regarding how Bitcoin mining really works. Powell claims that Elon may think he knows a great deal about the subject, but his recent actions might suggest otherwise.

Powell calls out Elon

The Kraken CEO was discussing various aspects pertaining to Bitcoin mining with a TV anchor from Bloomberg when the topic of Elon Musk arose. While talking about how Elon has affected the industry as of late, Powell could not help but point out that perhaps the Tesla CEO does not actually know as much about BTC mining as he believes.

Powell admitted that as things stand right now, it is unlikely that anything will be able to replace Bitcoin. However, this may change in the distant future. Furthermore, Jesse noted that Bitcoin is, in fact, a lot more ‘greener’ than many people tend to believe, as it is essentially a way through which renewables can be bootstrapped. He also admitted that ‘greener alternatives’ might make themselves known as time progresses.

Kraken gains more users

Powell had realised that although the market has yet to fully recover from its recent decline, new subscribers have not stopped joining Kraken. The CEO then went on to say that in his own opinion, this may very well be the start of a rapid increase in cryptocurrency adoption becoming more mainstream.

This line of thought by Powell certainly possesses some merit as well, as this year has seen a massive influx in new users, with the months of January and February completely overshadowing the majority of last year’s numbers. Lastly, most of these new users appear to be joining the industry for the long run, as those who had come only to seek out ‘quick gains’ had gradually left the exchange.

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