Elon Musk’s Tweet Causes Massive Price Dip of Bitcoin

Elon Musk’s Tweet Causes Massive Price Dip of Bitcoin

Elon Musk’s single tweet has sparked panic among Bitcoin investors. His company, Tesla, is abandoning the use of bitcoin. The decision is made in light of the widespread use of fossil fuels in mining and transactions.

Tesla will not use bitcoin for future transactions, according to his tweet. The reason is simple: the use of coal produces a significant carbon footprint. This is a major concern for the world’s environment.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

It is the same concern that Bill Gates raised a few months ago when he stated that Bitcoin is bad for the environment. Bill was referring to the open use of the world’s energy for bitcoin transaction validation.

Bitcoin’s price began to fall and has yet to recover. It was trading at 45,382.59 at the time of writing. This is a massive drop in price, especially considering it was about to break the $60,000 barrier for the first time in history.

Elon Musk responded to his original tweet with the following:

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

The Aftermath:

The recent trend in energy consumption is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe  

— Elon Musk (@elonmusk) May 13, 2021

Bitcoin investors are not enthusiastic about Elon’s tweet. People are criticising Tesla’s owner and urging him to stop talking about cryptocurrency and leave it to the experts.