Tesla Inc Chief Executive Officer, Elon Musk, tweeted on Saturday that in a battle between fiat and cryptocurrencies, his support is with crypto. Despite this, cryptocurrencies continue to witness selling pressure as the market plunges.
“The true battle is between fiat & crypto. On balance, I support the latter,” Musk said on Twitter in reply to a user who asked him what his thoughts were about people who were angry at him because of crypto.
Tesla’s relationship with cryptocurrency has been a rollercoaster of ups and downs. The electric vehicle maker said in February that it had purchased Bitcoin for US$1.5 billion (£1.1 billion) and expected to accept the cryptocurrency as a form of payment from its customers in the future. On the path to an all-time high of over US$65,000 in April – and a paper profit of well over US$1 billion for Tesla – the price of the largest cryptocurrency soared that day from just over US$39,000 to US$46,000.
After only a few weeks, the situation has completely transformed. The first came in late April, when it was revealed that Tesla had sold 10% of its bitcoin holdings, ostensibly to illustrate the digital currency’s liquidity. More importantly, Musk has now revealed on Twitter that Tesla has halted Bitcoin purchases due to concerns over the cryptocurrency’s “rapidly expanding use of fossil fuels” in mining. This has sparked a massive sell-off in the cryptocurrency markets, with bitcoin plummeting from around $55,000 to below US$40,000.
Earlier this month, he referred to cryptocurrency as a “hustle” while appearing as a guest host on “Saturday Night Live,” causing prices to plummet. Musk stated some days ago that he has not sold and would not sell any of his Dogecoin holdings.
However, Musk’s recent support for cryptocurrencies in his tweet has not been enough to turn the cryptocurrency market bullish, as bitcoin is currently trading at US$38,188 and dogecoin is currently trading at $0.35. Despite Elon Musk’s encouragement in a tweet, the cryptocurrency market has dropped 10.41% in the last 24 hours according to Coinbase at the time of writing this article, indicating growing selling pressure.
In the words of Abraham Lincoln “You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.” As Investors are becoming more cautious and sceptical about the crypto space, the key question is, would Elon have the ability to maintain dominance as a market mover if he continues to increase volatility in the market?
No
Where was he shunned??
Did you read the article at all? Or you skimmed carelessly?… Read again and understand…
Hello Mr Ifeanyi pls how do you see criptocurrency ? and what can you advise on it?
I want to invest into cryptocurrency, how do I go about it?
Chat me up
Get a wallet, either coinbase, luno or blockchain
Purchase a high amount of any of the coin yhu want. But I’ll advise yhu to wait for the big fall, that will eventually risse again. Right now yhu can buy as much as yhu want, cause the market is falling
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If you think one individual can control market because of a tweet then you have a long way to go in understanding digital trade. Rise and fall of a market is based the number of asset holders and the liquidity of the market. Elion do not hold 2% of crypto market how can he control the market.
He doesn’t control the market, but he has a great influence.
I think everybody first has to ask why a totalitarian regime, sponsored by our greed for cheap goods and maximum profit, is afraid of cryptocurrencies?
I will just watch and see. If the market of crypto goes high up to where it was 2 weeks ago within this week, specially on btc, eth and other major currency then I will put on elon musk photo as my wall paper on my phone and profile picture on my fb, WhatsApp and telegram account.. what? It’s all i have.???
lol
Baba Elon.
Please sir don’t bring down the market again by causing fear on newbies in the crypto currency atmosphere.. Because i personally I earn 70% of my living through cryptocurrency and you know what that means ehn..
Hi pls I kindly will like to go into day trading of crypto currency any advise to at least bear a minimum loss .. and a good profit ratio ..not been greedy tho but I know some daytrader do have a great skill in day trading
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Point of correction, Elon referred to doge coin as a hustle not the whole of cryptocurrency.
His words will eventually no longer hold water…. You’ll see..
Whether or not u believe…. its a no Brainer!!!
Following Baba Elon to the moon
“Pls hold yr Doge”
Hi pls I kindly will like to go into day trading of crypto currency any advise to at least bear a minimum loss .. and a good profit ratio ..not been greedy tho but I know some daytrader do have a great skill in day trading