Tesla CEO Elon Musk’s latest tweet clarified that Tesla didn’t sell any Bitcoin. After his clarification bitcoin price started recovering and rose 7%. It saws the impact of Elon Musk’s tweets on the market.
In March-end, Elon announced Bitcoin as a payment method for Tesla. And last week, Elon Musk tweeted about the company suspending Bitcoin as a payment method. Tesla cited environmental concern with the use of fossil fuels for the move. After that news, Bitcoin fell to a low of $45,000 for the first time in the past three months.
But, According to Galaxy Digital Research Bitcoin mining uses half as much energy as the Banking system’s Energy Consumption.
At the same time, Jack Dorsey-led digital payments company square backed up Bitcoin. It said Bitcoin will remain part of its investment strategy.
Jack Dorsey says, “Bitcoin Incentiveses renewable energy.”
Dorsey’s digital payment services company Square and global asset management firm ARK invest have jointly released a white paper on “Bitcoin as key to an Abundant, clean energy future.”
Jack said that Bitcoin makes everything better. They will work to make it better. Square has been continuously working to make bitcoin better by promoting the use of green energy. It also shows Elon’s tweet has affected the market, not believers of bitcoin.
The price of bitcoin traded below $45000 after tweeting by Elon Musk, suggested Tesla may be considering or may have sold off its bitcoin in response to an unverified Twitter account called @CryptoWhale. Musk also claimed that Bitcoin is not as decentralized as people believe it to be.
But after the criticism over its statement on Twitter, Elon Musk confirmed that Tesla had not sold its bitcoin holding some 12 hours after this message was published he Tweeted: “To clarify Speculation, Tesla has not sold any bitcoin.”
Musk also tweeted at Peter McCormack, who posted a Twitter thread about Musk’s criticism of bitcoin and support for dogecoin. In reply to that Elon said, “Obnoxious threads like this make me want to go all-in on Doge.”
Musk, who co-founded PayPal, to cryptocurrency ‘experts’,
Despite Elon’s criticism, Bitcoin supporters said that they are buying these dips amid all the FUD. Binance CEO Changpeng Zhao wrote on Twitter that, “#Bitcoin/#crypto has not changed. They don’t care. There are always fluctuations in the market, for all kinds of reasons. You can blame others for what they tweet (their freedom). Or you can take advantage of the opportunities. Not financial advice.”
