On 13th of May, Elon Musk tweeted about Tesla suspending vehicle purchases using bitcoin because of the rapidly increasing uses of fossil fuel in the mining industry. From that day the price of bitcoin has fallen from almost 40,000. The situation is getting worse and worse every single day without any kind of signs of recovery.
In that tweet, Elon Musk also mentioned that Tesla will not be selling any bitcoins and we intend to use it for transactions as soon mining transitions to more sustainable energy. But considering Musk’s past actions, it’s a lot harder for investors to trust his words at the moment. They believe one day or another, Tesla is going to sell all of its bitcoin holdings and when they do that, as we all know the situation is going to get even more disastrous. Keeping that scenario in mind, major investors are no longer willing to take a huge risk by buying bitcoins right now, a lot of people are selling and almost every late investor who is currently holding bitcoin is now under a lot of stress with huge losses.
That’s not it. Later, Elon Musk also sent out more tweets like replying “Indeed” to Tesla dumping rest of their holdings or talking about going all in on dogecoin has increased the panic or fear in the minds of bitcoin holders even more, which resulted in more sell-offs.
As we all know, Bitcoin is the king of all cryptocurrencies with a market cap of almost 4000 to almost $2900.
Even Elon Musk’s favourite crypto dogecoin isn’t surviving this crash. But as Elon mentioned, soon Tesla is going to accept dogecoin as an alternative payment for its electric cars. So there’s a good chance, dogecoin will recover and hit a new all time high. But will other cryptocurrencies recover considering the fact that Tesla is still holding more than a billion dollar worth of bitcoins?
Or is this the end of this ongoing crypto bull run?
Did Elon Musk Crash The Whole Crypto Market?
On 13th of May, Elon Musk tweeted about Tesla suspending vehicle purchases using bitcoin because of the rapidly increasing uses of fossil fuel in the mining industry. From that day the price of bitcoin has fallen from almost
40,000. The situation is getting worse and worse every single day without any kind of signs of recovery.
In that tweet, Elon Musk also mentioned that Tesla will not be selling any bitcoins and we intend to use it for transactions as soon mining transitions to more sustainable energy. But considering Musk’s past actions, it’s a lot harder for investors to trust his words at the moment. They believe one day or another, Tesla is going to sell all of its bitcoin holdings and when they do that, as we all know the situation is going to get even more disastrous. Keeping that scenario in mind, major investors are no longer willing to take a huge risk by buying bitcoins right now, a lot of people are selling and almost every late investor who is currently holding bitcoin is now under a lot of stress with huge losses.
That’s not it. Later, Elon Musk also sent out more tweets like replying “Indeed” to Tesla dumping rest of their holdings or talking about going all in on dogecoin has increased the panic or fear in the minds of bitcoin holders even more, which resulted in more sell-offs.
As we all know, Bitcoin is the king of all cryptocurrencies with a market cap of almost
4000 to almost $2900.
Even Elon Musk’s favourite crypto dogecoin isn’t surviving this crash. But as Elon mentioned, soon Tesla is going to accept dogecoin as an alternative payment for its electric cars. So there’s a good chance, dogecoin will recover and hit a new all time high. But will other cryptocurrencies recover considering the fact that Tesla is still holding more than a billion dollar worth of bitcoins?
Or is this the end of this ongoing crypto bull run?
Let us know in the comment section down below.