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Cryptocurrency drama continues as Tesla CEO Elon Musk teases selling

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The cryptocurrency price dipped after a tweet on Sunday hinting that Tesla has sold or may sell the remainder of its bitcoin holdings. Thus Bitcoin touched &44,000 per coin after shedding almost 8 percent.

A tweet by @CryptoWhale read, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount, if hate @elonmusk is getting, I wouldn’t blame…’

Elon Musk reply is what caused the price to drop, for he said, ”Indeed.”

This is contrary to what he had said earlier that the electric vehicle maker plans to hold on to its bitcoin and use them for transactions when mining switch to the use of sustainable energy.

In a subsequent, Musk sparred with other users when he stated that cryptocurrency is “highly centralized.” Further, he directed Twitter users to a story that Fortune published about bitcoin mining in China.

He continued, ”Hey cryptocurrency ‘experts”, ever heard of PayPal. It’s possible …maybe … that I know that you realize about how money works.”

Musk support in the previous years caused the cryptocurrencies prices to rally. Early this year, Tesla declared a $101 million net gain after the sale of bitcoin, thus improving its net profits in the first quarter.

However, Musk is likely to have switched his support to meme-inspired cryptocurrency known as dogecoin. He announced that Tesla suspended vehicle purchase using bitcoin due to rapidly increasing the use of fossil fuels for bitcoin mining.” The statement caused Bitcoin to shed around 5 percent while his aerospace venture Space X endorsees dogecoin. This support has caused the price of Bitcoin to drop while dogecoin’s continues to surge.  

I'm a passionate and full-time blogger. I love writing about startups, how they can access key resources, avoid legal mistakes, respond to questions from angel investors as well as the reality check for startups. Continue reading my articles for more insight.

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