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.
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:
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.