Elon Musk seems to have been the trigger for the price drop in Bitcoin (BTC) by more than 10% over the weekend. Tesla’s CEO suggested that the company plans to remove BTC from its balance sheet this quarter.
On Sunday, Musk responded to a tweet predicting that Tesla could sell its BTC holdings this quarter.. To the chagrin of the Bitcoin community, Musk simply replied, “Indeed.”
to???? Elon musk (@elonmusk) May 16, 2021
Musk’s popularity has declined in the crypto community since criticizing Bitcoin’s energy efficiency in the statement announcing the suspension of BTC payments from Tesla vehicles. Since then, his one-word comment has further condemned many celebrities. of the cryptocurrency space.
Peter McCormack (who has since changed his grip to “McObnoxious”), the host of the “What Bitcoin Did” podcast, stated so Musk’s recent criticism of BTC is “misinformed” and adding that support to Dogecoin (DOGE) could make him the “perfect troll”..
1 / dear @elonmusk. The perfect troll is one that people don’t know if it’s a troll or not. Your recent misinformed review of #bicoinIn addition to helping Doge, it can position you as the perfect troll … or you can actually believe what you said (god I hope not).
to???? Peter McObnoxious (@PeterMcCormack) May 16, 2021
McCormack’s comments seem to have irritated Musk Tesla CEO explained: “Hateful threads like this one make me jump right in with Doge”.
The Yearn.finance developer “banteg” also interfered to point this out Musk’s obvious support for Dogecoin instead of Bitcoin included an elaborate pump-and-dump scheme. Explained: “I think it really takes all of the world’s retailers to outsource 28.34% of the Dogecoin supply.”
At the time of this writing DOGE prices are down 32% from their high of $ 0.73 on May 8thand losses accelerated after Musk’s Saturday night performance that same day.
Musk also claimed that because of his previous leadership roles at PayPal, he has a better understanding of money than cryptocurrency analysts. He explained. “
“Hey, cryptocurrency experts, have you heard of PayPal? It’s possible … maybe … that I know about it [mÃ¡s] What do you think of how money works? “
MicroStrategy CEO and prominent Bitcoin attorney, Michael Saylor highlighted the differences between PayPal and Bitcoin, specification: “The world needs a decentralized, secure and deflationary store of value like Bitcoin much more than the more central, less secure and inflationary medium of exchange that you described above.”
Even at PayPal, we understand the difference between a settlement layer and a transaction layer. 🙂 🙂
to???? Daniel Brain (@bluepnume) May 16, 2021
Comments suggest it Saylor-Musk relationships could cool off.
In August 2020, Saylor became the leading business intelligence company MicroStrategy was the first known company to put Bitcoin on its balance sheet when it bought 21,000 BTC for a total of $ 250 million..
In December 2020, Musk was seen asking Saylor about the ease with which a large company could buy hundreds of thousands / millions of bitcoin. The friendly advice sparked Tesla’s own purchase the following month.
In February, it was revealed that Tesla had invested $ 1.5 billion in Bitcoin, which caused prices to hit new highs. over $ 43,000.
In response to Saylor’s defense of Bitcoin today, musk tweeted: “I was supposed to be wearing a costume for Halloween, but with ‘Bitcoin’ tattooed on my thighs“.
The price of BTC is down 10% in the past 24 hours – most recently at $ 43,400.
UPDATE: About an hour after this article was published, Elon Musk tweeted: “To dispel speculation, Tesla did not sell Bitcoin.”