Tesla’s decision to suspend acceptance of Bitcoin as a means of payment prompts merchants to start buying while the price is falling

With Tesla’s suspension of Bitcoin payments causing havoc in the cryptocurrency markets, Critics have pointed to the dismissive stance of its CEO, Elon Musk, about the dramatic impact his words and actions can have on the sector.

May 13th Tesla and Musk announced they are no longer accepting BTC as vehicle payments due to concerns about the “rapidly increasing use of fossil fuels for mining and Bitcoin transactions”.especially coal. “

In response to the news, Bitcoin’s price fell 15% in less than three hours, falling from nearly $ 55,000 to $ 46,600. Bitcoin’s Fear and Greed Index has also oscillated aggressively from yesterday’s greedy score of 68 to a scared score of just 31 today.

Bitcoin Fear and Greed Index
Tesla’s decision to suspend acceptance of Bitcoin as a means of payment prompts merchants to start buying while the price is falling
Tesla’s decision to suspend acceptance of Bitcoin as a means of payment prompts merchants to start buying while the price is falling

Tesla’s decision to accept BTC as payment for its vehicles in late March was seen as a major contributor to Bitcoin’s recent rally to new all-time highs near $ 65,000 in mid-April. Many disappointed Bitcoiners are now accusing the automaker and its CEO of operating a sophisticated “pump n dump”..

At an “emergency press conference”, the sometimes cryptocurrency trader and founder of Barstool Sports, Dave Portnoy Claimed Musk “Was Just Trying To Sink Bitcoin”, specification::

to????[Musk] He pulled levers like the Wizard of Oz in the cryptocurrency space, and everyone follows his every move: he lets Dogecoin rise, he lets Bitcoin fall, that’s bullshit […] Elon, it is your responsibility if you say one second that you want to buy something and not the next: it plays with the future of people and their wealth. “????

He asked, “How can you live with yourself?”

Adrian Przelozny, CEO of Independent Reserve, told Cointelegraph so Tesla’s move was “disappointing”.

“However, We have seen that Bitcoin has received all kinds of bad press over the yearsas if governments forbid their use. And yet Bitcoin has repeatedly recovered and has grown to new highs. “, He said.

“In the long run, I’m still very optimistic about Bitcoin and I don’t think this announcement will have any significant impact on the price or adoption of Bitcoin.”

Buy while the price is falling?

However, others close an opportunity in the markets– Many high profile crypto analysts have reached out to Twitter to brag about the purchase during the price drop.

William Clemente III tweetedTo his 58,700 followers, the Fall “is viewed as one of the greatest buying opportunities for the bull market in BTC history.”.

The co-founder of Blockstream, Adam Back stated, “Buy during the drop in prices caused by Dogen’s tweeter. Thanks for the saturation.”. Anthony Pomplino, Founder of Morgan Creek Digital announcedSimilar: “I bought while the price was falling. Thank you, Elon” and added::

Elon didn’t sell his bitcoin. He and I are both bullish over the long term. We’re from the same team. “

Bitcoin price fell above $ 47,100 on the newsbut it has bounced back to $ 50,450 at the time of this writing.

Mira Christanto from Messari expressed it skepticismRegarding the long-term impact of Tesla’s decision, it stresses that “Tesla still has BTC on its balance sheet”. and to question Tesla’s claims about the smut of Bitcoin mining.

Christanto shared a memo Posted by financial services company Square last month, titled “Bitcoin is the key to a clean and abundant energy future,” argues that the mining sector is driving demand for cheap renewable electricity.

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