Elon Musk No Longer Supports Bitcoin

The billionaire owner of the electric car maker seemed to agree with a Twitter post. It said that Tesla should strip what at one point was a $1.5 billion stake in the most prominent cryptocurrency.

Bitcoin’s (BTC) price is dipping like crazy. Was this because CEO magnate Elon Musk may have hinted on Twitter about the prominent coin? 

When Twitter user @CryptoWhale posted a speculative plot:

“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.”

Musk responded with a tweet saying: “Indeed.”

Although it is vague which portion of Musk’s tweet is agreeing with. The forecast Tesla ditched its Bitcoin or the remark about how much hate he’s getting. Could it be whether he even agrees at all the hint that Tesla could ditch the 43,200 BTC? The auto-maker purchased BTC last February for approximately $1.5 billion. This move instantly dipped the Bitcoin’s price by almost $5,000, down to $44,700. 

Tesla’s magnate, who has exploited much of the year openly backing Bitcoin, began to scrap it earlier this week. Musk pointed out that the ecological harm generated by fossil-fuel-powered Bitcoin mining activities.

Elon Musk

The remaining part of today’s wreck was made when Musk expanded his critique against the coin. He pitched denunciations at some of the most prominent Bitcoin uncompromising on Crypto Twitter and disputing their allegations that proof-of-work mining assists to decentralize the system.

“Hey cryptocurrency “experts,” ever heard of PayPal? It’s possible … maybe … that I know [more] than you realize about how money works,” tweeted Musk, who co-founded PayPal.

Musk also directed at crypto podcaster Peter McCormack, who explained Musk’s current disapproval of the ecological effect of the prominent coin as “poorly informed.” 

McCormack had tweeted about why he deems Musk is mistaken—reflecting the countless Twitter posts that did the same. 

Elon Musk trolling?

McCormack presumed that Musk’s critiques of BTC and support for Dogecoin “may be the perfect troll… or you might actually believe this (God I hope not).” Musk replied: “Obnoxious threads like this make me want to go all in on Doge.” 

Musk also aimed his sights at Michael Saylor, the Bitcoin ultra-bull. Saylor has used the treasury of his company, U.S. cloud computing firm MicroStrategy, to consume billions of dollars on Bitcoin. 

Musk termed him “Saylor Moon,” and then suggested he dress up like the anime character Sailor Moon “with ‘Bitcoin’ tattooed high on thighs.” Saylor received the jibe on the chin before refocusing Musk to his informative site for Bitcoin.

Musk also tore through the claim that Bitcoin’s proof-of-work consent mechanism aids it to stay decentralized. 

He tweeted:

“Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?”

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