Bitcoin Took Another Wild Ride Due To Elon Musk's Tweets.

After initially implying the contrary, Tesla (TSLA) CEO Elon Musk explained that his company did not sell bitcoin (XBT). His original Twitter exchange had exacerbated bitcoin’s losses.

The new cryptocurrency saga started on Sunday, when a user going by the handle CryptoWhales tweeted, “Bitcoiners will fall off when they discover that Tesla dumped the remainder of their # bitcoin holdings next quarter.”

Elon Musk Tweets and Sends Bitcoin on a Wild Ride Down, and Part Way Back  Up Again

“I wouldn’t blame him for the amount of hate @elonmusk,” the user added.

Musk simply replied, “That’s true,” about an hour later.

According to the Coinbase cryptocurrency tracker, Bitcoin dropped below $43,000 in hours, losing more than 8% the previous day. It had already lost ground earlier in the day, but losses were increased in conjunction with Musk’s message.

“Tesla hasn’t sold any bitcoin to clear rumors,” Musk later tweeted.

Musk later responded with a tweet that said, “Tesla has not sold bitcoin to dispel rumours.”

“We are concerned about the growing use of fossil fuels to mine Bitcoin and transactions, especially coal, which has the highest fuel emissions,” Musk said in a tweet last Wednesday. “Cryptocurrency is an intelligent concept on many levels, and we believe that it has a bright future, but not at the expense of high environmental costs.”

For several years, the environmental costs of mining or manufacturing digital currencies have been well documented.

As a result of the survey, Bitcoin fell by around 12%. Musk had been personally promoting bitcoin and other common cryptocurrencies, such as dogecoin, for months.

Elon Musk's tweets have once again sent bitcoin on a wild ride – Boston  News, Weather, Sports | WHDH 7News

Just before that, the CEO polled his Twitter followers to see if they wanted “Tesla to take up the Doge.”

Tesla and Musk seemed to be becoming increasingly bullish on Bitcoin for at least a few months. In February, they revealed that they had invested $1.5 billion in Bitcoin and that they were exploring the possibility of purchasing their vehicles using cryptocurrencies. Musk tweeted at the end of March, ‘You can now buy a Bitcoin Tesla.’

However, the company announced in a registration file last month that it is evaluating whether “events or changes in circumstances… mean that our digital assets are more likely than not to be compromised” each quarter. It also disclosed that it had sold 10% of its bitcoin assets for $101 million.

Musk said last week that Tesla will continue to use bitcoin until it can find cleaner energy sources.

“Tesla will not sell Bitcoin, and we plan to use it in transactions as soon as mining shifts to more sustainable energy,” he said. “We’re also looking at other [less than] 1% energy/transaction cryptocurrencies.”

Musk’s other businesses have also joined in on the fun. His SpaceX exploration company announced last week that it will accept dogecoin as payment for a future mission.


Bitcoin | Don’t forget to follow us on Twitter @njtimesofficial. To get latest updates

You May Also Like

The Unraveling Saga of Operation #STORM: Pascal Najadi’s Shocking Revelations

In a riveting narrative presented by Pascal Najadi, a prominent figure and…

Understanding the Implications of the Supreme Court Decision on the 2024 Election

The 2024 election has been a focal point of intense scrutiny and debate, with unprecedented challenges and controversies shaping its outcome. The insurrection of 2021, instigated by supporters of former President Trump, cast a long shadow over the democratic process, leading to profound questions about the integrity of future elections.

Supercarrooms.Miami Wins Best Display at Motorcar Cavalcade 2024 with Stunning Love, Peace, and Cars Exhibit

Supercarrooms.Miami has captured the hearts and minds of automotive enthusiasts at the third annual Motorcar Cavalcade Concours d’Elegance 2024…

Old Navy Expands Its Plus-Size Women’s Business

The gap’s low-price department antique military is overhauling its techniques to how it designs and markets to plus-size women.