Two things have consistently been on the headlines throughout this year. Well, you must be aware of what are we talking about. Yes, the biggest cryptocurrency at present Bitcoin has managed to attract maximum engagement along with another inspirational personality Elon Musk this entire year. Seems like, these two are not going to stop being in the controversy anytime soon. Recently, Elon Musk’s one mysterious tweet resulted in Bitcoin’s price slipping. The CEO of Tesla Motors lately tweeted on his Twitter handle and ever since the value of the said crypto coin is witnessing a downfall.
What did Elon Musk Tweet?
Elon Musk tweeted Bitcoin along with a broken heart emoji. Along with that, the CEO even added a reference to Linkin Park’s songs “In The End”. Now, this tweet is creating buzzes. The speculations are rife that Musk is officially ending ties with certainly the world’s largest cryptocurrency. The investors are predicting that he might cut off ties with Bitcoin in the upcoming days and it would undoubtedly cost the crypto coin a ton. Since there is a considerable number of people affected by Musk’s move in the mentioned digital currency.
— Elon Musk (@elonmusk) June 4, 2021
Bitcoin Price Falls:
Soon after his tweet, Bitcoin experienced a 6.3% fall and it was reported trading at $36,750. The value was marked in New York at 6.28 AM. Another side, the Bloomberg Galaxy Crypto Index withdrew around 7.3% as well. However, Elon Musk has influenced the crypto market plenty of times. Recently, his tweets and an announcement on SNL (Saturday Night Live) affected the price of Bitcoin to fall from &65,000 to as low as $30,000. The sudden downfall brought chaos to the market. Earlier, his tweets have caused the same effects. It’s not sceptical to say that Elon Musk holds the power to move and shake the world of cryptocurrency.
Elon Musk is gradually drifting away from Bitcoin as at the beginning of May this year, the CEO announced that Tesla Motors will not receive the payments through Bitcoin. He stated that even the casual mining of Bitcoin consumes a large amount of electricity. Now, where does this electricity come from? Exactly, from the fossil fuels such as coal which would certainly end one day if the mining continued. To prevent the environment and the upcoming generation, Tesla CEO decided not to accept payments in Bitcoins.
Bitcoin Electricity Consumption Index Report:
According to the Bitcoin Electricity Consumption Index report from Cambridge University’s Centre, the casual mining of Bitcoin absorbs more power every year than the countries like Sweden and Malaysia. In one of his tweets, Elon Musk pointed out the concern of the utilization of fossil fuels in the mining of this cryptocurrency. Musk highlighted coal as well and thus made the decision not to deal in Bitcoin from now on.
Though Bitcoin and Elon Musk are connected in so many ways as it was the latter who influenced the people to trade in it. The CEO has been responsible for the Bitcoin and Dogecoin (Meme crypto coin) prices experiencing ups and downs. At present, Elon Musk is the biggest influencer in cryptomarket and his breaking away from this would definitely shock the investors.