Musk tweets one word about Bitcoin and the price tumbles down!
This weekend, Musk single-handedly brought the price of Bitcoin down with one word in a tweet.
Musk has bought $ 1.5 billion worth of Bitcoins with Tesla. That was at the time when he was still a strong supporter of the currency. In the meantime, this has changed. He believes that mining and transactions are consuming too much energy. That’s why he now supports Dogecoin. But Tesla is still on that mountain of Bitcoins.
Musk hints at sales, Bitcoin price is down
Musk himself stoked this fire. He responded to a Tweet from one crypto analyst. It states, “Bitcoiners are going to hit themselves in the next quarter when they discover that Tesla has dumped the rest of their Bitcoin holdings. I wouldn’t blame him for the amount of hatred Elon Musk is getting. ” Musk responded quickly with, “Indeed.”
This caused a lot of commotion, so much so that the price of the crypto went down. And considerably too. Musk quickly realized that and came up with another statement.
Tesla and Bitcoin
So this weekend there was a lot of noise that Tesla would have sold its Bitcoins. That’s not true, or so Musk says. Of course he already tweets a lot, but this weekend it went through the roof. He got into an intense debate with the Bitcoin community. The topic of discussion was that Tesla has suspended the acceptance of Bitcoin for payments due to environmental concerns. This previously caused a Bitcoin price drop.
So Elon Musk says that Tesla has not sold its Bitcoins. Or plans to sell in the future. And to end all speculation, Musk confirmed this morning. He wrote, “To clarify speculation, Tesla has not sold Bitcoin.”
That is plain language. But the damage has already been done, the price of Bitcoin is still down. By the way, all digital coins are in red. The question is whether all this is really the effect of Musk’s Tweets.
