- Elon Musk continues to move the cryptocurrency markets after a recent tweet has revealed that Tesla has sold or could potentially sell its Bitcoin holdings.
- The billionaire businessman has received much criticism following his decision to suspend BTC as a form of payment for Tesla vehicles.
- The price of Bitcoin fell $ 4,000 in a matter of hours after the businessman’s ambiguous comment.
The price of Bitcoin and Alcoins suffered a major drop last week after Elon Musk’s announcement that Tesla would stop accepting payments in BTC. The billionaire businessman has once again rocked the markets, hinting in a recent tweet that the electric car company sold or could sell the rest of its cryptocurrency holdings.
Elon Musk sends Bitcoin price to $ 44,000
Tesla CEO Elon Musk has been a huge advocate for cryptocurrencies, helping drive up the price of Bitcoin and other digital currencies, including Dogecoin, in the past year.
In a presentation by the Securities and Exchange Commission in February, the electric vehicle company revealed that it had bought $ 1.5 million worth of Bitcoin. However, the company later decided to sell part of its BTC holdings to demonstrate the liquidity of the cryptocurrency.
In a recent exchange on Twitter, Musk hinted that Tesla sold or could sell the rest of its Bitcoin holdings, causing the price of BTC to drop more than 8% to around $ 44,000..
A Twitter user by the name CryptoWhale said:
Bitcoiners will slap each other next quarter when they find out that Tesla ditched the rest of its holdings. With the amount of hate Elon Musk is getting, I don’t blame him.
Musk responded with “Indeed”, which was enough to shake investor confidence in the leading cryptocurrency.
It’s worth noting that the potential sale of Bitcoin comes after Musk recently explained that the company has planned to hold rather than sell its cryptocurrency holdings.
The electric car company announced last week that it would no longer accept Bitcoin as a form of payment, citing environmental concerns over “the rapid increase in the use of fossil fuels for mining.”. The CEO of Tesla stated that the company intends to use BTC for transactions as soon as mining becomes more sustainable.
Despite Musk changing course three months after he pledged to take up the pioneering cryptocurrency as a form of payment, since then it has favored Dogecoin. Pushing further for meme-based digital currency, his aerospace company SpaceX has begun accepting DOGE as payment to launch a new mission to the moon.
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