Elon Musk’s tweet did it Again! Bitcoin jumps as Tesla shares future plan with Crypto

2 mins read

Elon Musk did it again! Bitcoin price climbed above $39,000 after Tesla chief executive had indicated that electric carmaker will resume transaction with cryptocurrency.

In a reply to an article which criticises the celebrity CEO for ‘manipulating Bitcoin price’, Musk mentioned Tesla will resume transactions with the cryptocurrency when mining is done with more clean energy.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the celebrity CEO tweeted after Sygnia chief executive had criticised Musk for ‘manipulating bitcoin price,” Elon Musk said in a tweet.

Tesla chief also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.

Following Tesla’s future plan, Bitcoin rose nearly 10% on a day to $39,021.54 at 0800 hours IST on Monday on coinmarketcap.com Index. It was the largest one-day percentage gain since June 9.

On May 13, Musk announced that Tesla will no longer allow vehicle purchases using bitcoin due to environmental concerns. CEO said that, “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.” Bitcoin plunged by around 10% soon after the tweet.

On May 19, Bitcoin had dropped over 50% down from its record high of $64,895 in April. The entire cryptocurrency sector lost nearly $1 trillion at one point. A tweet from Musk with barely any word and two emojis ‘literally’ saved cryptocurrency world that day. The electric carmaker co-founder said Tesla has “diamond hands”, implying that the auto company would not be parting with its $1.5 billion stake in bitcoin. Bitcoin, Ether had risen back.

With over 55 million followers, the celebrity CEO shakes the market every time he posts something about cryptocurrencies on Twitter. “Millions of retail investors were really counting on their crypto gains to improve their lives. Of course, they took the risk upon themselves when they invested, and everyone knows to be prepared for volatility in crypto, but your tweets this week show a clear disregard for the average working person,” hacker group ‘Anonymous’ said issued a warning to Elon Musk last week. Musk replied to the threat with meme. “Not even a good fake anonymous. The article is behind a paywall, and it looks like Anonymous’ hacking skills are not enough to get behind it,” he wrote on Twitter along with a meme.

Musk’s tweets about dogecoin recently triggered a rally in the digital currency, which started as a social media parody. Dogecoin has surged to become the sixth-largest cryptocurrency by market cap, according to CoinMarketCap.com.

But Twitter does not take this Musk’s ‘manipulation’ of cryptocurrency world very well. A new meme cryptocurrency $STOPELON has emerged last month to counter Tesla CEO Elon Musk’s manipulations of the crypto market.”Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again; causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!” reads the official page of $STOPELON.

Crypto traders and investors also expressed their displeasure over Musk’s tweets that often have an impact on cryptocurrency prices.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)

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