Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power
The prices of the world’s most popular cryptocurrency dropped to under $45,000 for the first time in the past three months
While Tesla’s disinvestment is unlikely to happen soon, Bitcoin prices dropped by over $10,000 last week
Tesla cited environmental concerns with the use of fossil fuels for the move and said that it will be selling its own Bitcoin holdings when mining is more environmentally sound.
Billionaire Elon Musk’s tweets seem to have as much of an impact on cryptocurrency prices as they do on his own companies’ stocks. After bringing down prices of Dogecoin over the past week, the Tesla and SpaceX chief executive has now tanked the prices of Bitcoin with his newest tweet. The prices of the world’s most popular cryptocurrency dropped to under $45,000 for the first time in the past three months, trading at around $43,000 at 8.54 a.m. IST, on Monday.
The move happened after Musk’s response to a tweet suggested that the company might be dumping its $1.5 billion investment in Bitcoin soon. He replied “Indeed” to a tweet saying, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him.”
While Tesla’s disinvestment is unlikely to happen soon, Bitcoin prices dropped by over $10,000 last week after Musk’s Tesla announced that it won’t be accepting the digital currency for making payments for its cars. Tesla cited environmental concerns with the use of fossil fuels for the move and said that it will be selling its own Bitcoin holdings when mining is more environmentally sound.
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