The cryptocurrency industry is in chaos right now. The tweet posted by Elon Musk on May 13, 2021, in which he explained that Tesla was ending support for Bitcoin as a payment method for its electric cars is the source of the turmoil the industry is currently in.

While the way Bitcoin works hasn’t changed since its inception, Elon Musk is suddenly concerned about Bitcoin’s environmental impact.

The reasons behind Elon Musk’s change of heart are of course to be found elsewhere. The founder of Tesla probably wants to benefit from the subsidies that will be granted to certain companies under the infrastructure plan that Joe Biden is currently pushing.

Under these conditions, supporting Bitcoin as a means of payment will not acceptable to the American authorities. If Bitcoin has proven since its creation that it is antifragile, Elon Musk confirms once again that it is not.

Elon Musk then showed his true colors by hinting that he was working with the developers of Dogecoin to make the Blockchain more efficient. Elon Musk seems to be dreaming of making Dogecoin a bigger success than Bitcoin, even though Jackson Palmer, the co-creator of Dogecoin, keeps saying that Dogecoin is just a big joke.

Jackson Palmer has also made a very interesting tweet in recent hours in which he gives his vision of Elon Musk’s personality:

For Jackson Palmer, Elon Musk is a “self-absorbed grifter”. Very harsh words that many people will end up sharing when we see the hypocrisy of Elon Musk in his attitude regarding Bitcoin.

Meanwhile, Elon Musk’s stated support for Dogecoin allows this joke to have a market cap of over $70 billion. In my opinion, investors should avoid Dogecoin at all costs for 4 main reasons. The fact that 10 addresses on the network own more than 44% of Dogecoin’s outstanding supply is a major one.

Riding the Dogecoin wave, we could also learn the previous week that Coinbase will list Dogecoin on its platform in the coming weeks. Again, we can see Brian Armstrong’s willingness to take advantage of new entrants’ attraction to this joke that will end very badly.

Coinbase should also be much more responsible.

Nevertheless, when the industry descends into chaos, we should not be surprised to see such inconsistent things happening. Coinbase whose stock market value keeps falling. Brian Armstrong’s company will have a hard time reporting such promising results in the second quarter of 2021, which points to more than a few rough months ahead.

Dogecoin’s listing is likely to cause a “Coinbase effect” with a price increase. Again, be careful, as this will not last.

Many other Sh*tcoins are also seeing their prices explode. The current euphoria of some is causing them to turn away from Bitcoin to take advantage of an Altseason that seems about to start. Again, the greed of some will probably cost them a lot of money in the future. But everyone has to make their own decisions.

The media is getting confused with all the unfounded attacks on the negative environmental impact of Bitcoin. It’s like going back several years at times.

The chaos then intensified when Bloomberg published a FUD article about Binance. Judge for yourself from the title:

“Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths.”

That sent less seasoned investors into a panic and sent the price of Bitcoin plummeting in the process, along with the majority of Altcoins. Yet, after reading the article, you will see that this is again a non-event. As it stands, Binance is not accused or even suspected of anything.

An anonymous source, but probably close to the IRS, explained that investigations are underway. These are classic investigations for a company of Binance’s size and do not in any way presage legal proceedings or not.

To protect yourself from this type of FUD strategy used by some, I would only advise you to have a long-term vision of things.

The chaos that has taken over the cryptocurrency industry would almost make some people forget that central banks are still printing money out of thin air and conducting massive asset buybacks month after month. While inflation has reached 4.2% in the U.S. in April 2021, the Fed continues to run an ultra-accommodating monetary policy.

All of this cannot last, that is a certainty.

The Fed will have to change course in the coming months. By then, the chaos will have given way to more clarity in the industry. Some will emerge victorious from this typical mid-Bitcoin Bull Market episode. I’m thinking of Bitcoiners who are taking advantage of the drop in Bitcoin’s price to around $46K to accumulate more.

That’s how Michael J. Saylor, MicroStrategy’s brilliant CEO, announced last week a new BTC purchase for his company. MicroStrategy continues to accumulate BTC in DCA mode no matter what. While some are scared, others are taking advantage of each opportunity to act.

Never forget that Bitcoin is an accumulation game for years to come. The more you can accumulate, the better for your future regarding money.

It’s up to you to make sure you don’t get distracted by the current chaos that is just noise. The real signal is the Bitcoin revolution, whose fundamentals keep getting stronger block after block.

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Source: https://www.inbitcoinwetrust.net/while-the-crypto-industry-is-in-chaos-smart-investors-are-accumulating-more-bitcoin-ccfb0f784085?source=rss——-8—————–cryptocurrency