Elon Musk says he’s parting with his crypto stash, Bitcoin suffers another crash!
The Tesla CEO must be unconcerned about his power in the crypto community. Or maybe he just likes to make waves as a hobby. However, his latest discussion with selling his Bitcoin stash made a massive blow to the world’s number one digital currency by market cap. And now, Bitcoin crashes again because of him!
Elon Musk could cash out of Crypto
Musk caused a large rift in the digital world not too long ago when he revealed that his electric car company halted its decision to allow bitcoin payments. The currency fell from the $50,000 range to around $49,000. Now many traders and analysts took the news hard.
But bitcoin crashes to another $6,000 to just around $43,000 after a Twitter conversation with Musk where he hinted that he would be selling all his bitcoins soon. He didn’t actually say that it is done, however, his response to a message causes many people to think that the deed is done.
A Twitter user going by the name @CryptoWhale posted the following tweet:
“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I would not blame him.”
Naturally, Musk noticed this tweet and answered with only one word:
“Indeed.”
Now, many people assume that Elon Musk considers selling all his bitcoins, and it seems to be making a panic in crypto space. His words are causing chaos on Bitcoin’s price.
After the tweet exchange between Elon and CryptoWhale, Bitcoin’s price fell to under $44,000. Now, the world’s most famous cryptocurrency has fallen by approximately $20,000 from last month’s high of around $64,000.
Musk has been a crypto fan for a long time. Although his words seemed like he has switched gears in the past weeks. Another tweet responding to different criticism on social media stated:
“Hey cryptocurrency ‘experts,’ ever heard of PayPal? It is possible… maybe… that I know more than you realize about how money works.”
Many are not very pleased with how Bitcoin crashes
Musk allegedly helped build PayPal from the ground. Notwithstanding his defensive stash, a lot are not happy when it comes to his influence on digital markets:
“He is playing games. It is hard to take anyone who does that seriously. I have lost enormous respect for him over the last year because of it.”
Fred Wilson of Union Square Ventures
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