Elon Musk tweeted again regarding to bitcoin. There was a huge drop in BTCs price after his tweet with its current price a little over 30.000$.

Although Tesla will no longer accept BTC as a paying method, Elon Musk tweeted: “ To clarify speculation, Tesla has not sold any Bitcoin”.

Elon Musk’s tweet about Tesla and Bitcoin

After Musk’s tweet, Bitcoins price had a huge drop, by more than 10%. Tesla’s shares also dropped.

Elon Musk’s reason for not accepting Bitcoin anymore was that BTCs mining has a bad impact on the environment; despite that as stated in Elon musk’s tweet, Tesla will not be selling any Bitcoin. They intend to use it in the future for transactions, as soon as mining becomes more friendly to the environment.

On the 13th of May Elon Musk posted the picture, there was also written that they intend to look at other cryptocurrencies, which use less than 1 % of BTC’s energy/transaction. 

Not shortly after, Elon Musk responded in his classic way, to a post by @Cryptowhale. With his response he might have indicated that he may offer off the company‘s bitcoin holdings; The answer might have caused a drop in the cryptocurrency’s value.

Justin Sun, founder of the cryptocurrency platform TRON has poked Tesla with his tweet, stating they should use TRON as the cryptocurrency used for purchasing Tesla’s products overall. He has made 5 key points for that, which you can read on the following link:

With this, we got covered why the price of Bitcoin has fallen drastically in such a little time, but there are also other relevant factors to it, such as increased regulation.

Chinese Vice Premier Liu He said that sharper crypto regulation is required to ensure the financial system. With this regulation, we have seen bitcoin fall by more than 40% from its peak. Other cryptocurrencies endured tremendous misfortunes as well, with Ethereum down by about 50% from its highest peak. Altcoins suffered huge losses as well, such as Dogecoin, etc.


1 Comment

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