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The Hate-Storm Retort: Elon Musk Threatens to dump all Tesla Bitcoins

Bitcoin was anticipating nations, states, and central banks but then it got an Emotional Billionaire with a Twitter account.

Elon Musk supposedly has environmental concerns over rising energy consumptions for bitcoin transactions to meet “difficulty” level. He on his Twitter accounts announced to reverse the decision to buy Tesla with Bitcoins. He also told in his statement that Tesla is not selling the bitcoins it holds.

Coinbase Bitcoin Chart
Coinbase Bitcoin Chart

The decision enraged the crypto enthusiastic traders and investors for going short and causing FUD. Many crypto experts named it advance pump and dump strategy as Bitcoin Falls to $42932 from $58868 with -27.07% in the following week.

Tesla CEO Musk seems to be bothered by the hate on social media.  Influential venture investor Fred Wilson, a founding partner of Union Square Ventures, tweeted on Friday: 

He’s playing games. It is hard to take anyone who does that seriously. I’ve lost enormous respect for him over the last year because of it. Deep respect for what he does with his talents. Less for what he does with his tweets.

In a response to the tweet below, he threatens to go to extremes and sell/dump all the Tesla Bitcoin Holding. The Tweet (by @CryptoWhale) reads:

Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…

bitcoin

The Twitter account @CryptoWhale, which calls itself a “crypto analyst” in its bio, also publishes a Medium blog on market and crypto trends.

It is suspected that Tesla has already sold Bitcoins and if it hasn’t then the worst part is yet to come. If Elon Musk decides to sell Bitcoins the prices may go down to another $10,000 or below. If Tesla has already sold the Bitcoins and someday breaks the news it will do the same harm and push the prices further down.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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2 comments

  1. It’s trending to unfollow him from Twitter. Hope people will understand

    • Bitcoin has an $800 Billion market and no single person can manipulate it. You may see few abrupt changes but in the long run, he won’t do much damage.

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