Elon may be a cancer, but he may actually also be beneficial to crypto adoption this time.

Posted this in other crypto subreddit, but I think it is most relevant here.

Probably unpopular opinion, but i dont believe this is pump and dump. And this may be actually beneficial to crypto adoption.

Imagine if Tesla straightaway bought ETH/Ada/Nano to start with, skipped BTC altogether. I believe way less no-coiners will find it persuasive to finally adopt crypto, as these other ones are relatively less well known and/or more complicated. So BTC as a first step was necessary.

But what next? Tesla and PoW systems actually dont match, long term. An overwhelming number of tesla team of executives, workers, backers, suppliers, buyers, are heavily into green earth and anti-coal, to the point that you can call them fanatics. Id reckon the BTC adoption wouldve had a lot of complains and hate mails from environmental conscious coworkers who would instead advocate PoS systems.

PoW systems do really take up a ton of energy consumption.

https://www.visualcapitalist.com/visualizing-the-power-consumption-of-bitcoin-mining/

Each PoW transaction on BTC use hundreds times more energy than say, a normal bank transaction or eftpos. This is not a bad thing, this is what in fact makes PoW systems secure. But as an electric car company, Tesla's vision (and most importantly team and by extension, PR) simply contradict using PoW systems. They sooner or later have to prefer PoS (or PoA) systems instead.

What I think is with Tesla (and Elon) using bitcoin first to help bring crypto into the mainstream, then eventually moving to PoS system (probably ETH 2.0 or ADA or Nano or Algorand whatever else), crypto adoption by the mainstream is more optimal than if they were to straightaway adopted PoS.

If it were a pump and dump or bookmaking etc, they would have sold way more than just 10% last month. Theres nothing stopping them. They still hold and even explicitly tweeted will not sell BTC, that is a bullish sign for crypto in general, although especially more so to PoS systems.

TL:DR Elon's tweet is bullish, buy more crypto, especially ETH