Tempers are running hot in the latest round of Bitcoin FUD, but a longer-term perspective reveals "business as usual" for BTC.
Bitcoin (BTC) dived 17% when Tesla CEO Elon Musk criticized its energy consumption — but it's already bouncing back.On May 13, fresh from its dip to $45,60, BTC/USD is trading above $51,000, having regained over half its lost ground. With the drama still spreading, Cointelegraph considers why, on a fundamental level, Bitcoin is ultimately resilient to the actions of a single user — no matter how influential he or she is.Proof-of-Work doesn't careBitcoin's Proof-of-Work (PoW) algorithm rewards both miners and investors over time because their years of work makes the network stronger.The longer Bitcoin continues, the less likely it is to succumb to attack or see its participants leave the network for a different cryptocurrency. This is precisely why Bitcoin continues to be the cryptocurrency of choice with competition — as many argue, no altcoin can "do Bitcoin" like Bitcoin. When it comes to Musk, however, proof-of-work is signifcant for another reason.