Bitcoin plunges 17% after Elon Musk tweets on not accepting cryptocurrency

[Dhomochevsky]

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

[1715171092]

1715171092

[1715171092]

1715171092

[1715171092]

1715171092

[Mauser]

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

[Mistafreeze]

Elon is a manipulator he has done more harm than good to the crypto space with his huge Twitter audience, after manipulating Bitcoin and make huge profit today he does not longer feel comfortable with the high energy consumption in bitcoin mining like wtf? Why ya manulaputing people to sell Btc and invest in dogecoin where you own about 60% of the coin.. Elon has ruined the crypto community.

[Gyfts]

Elon Musk is kinda like Trump with his twitter feed. Seems slightly unhinged at times. No sense in making comparisons to the electricity used with BTC and the modern banking system. We are suppose to adopt a meme currency or a trash alt coin because there is a less electricity dependency? Ha, Musk worshippers will believe it, I'm sure.

Also Tesla makes rubbish cars.

Enjoy - https://en.wikipedia.org/wiki/List_of_lawsuits_involving_Tesla,_Inc.

[dunfida]

Elon Musk is kinda like Trump with his twitter feed. Seems slightly unhinged at times. No sense in making comparisons to the electricity used with BTC and the modern banking system. We are suppose to adopt a meme currency or a trash alt coin because there is a less electricity dependency? Ha, Musk worshippers will believe it, I'm sure.

Also Tesla makes rubbish cars.

Enjoy - https://en.wikipedia.org/wiki/List_of_lawsuits_involving_Tesla,_Inc.

Actually it does have some connection.

"Tesla's cars is spurred by modern design, innovative technology, and high performance that makes the cars a "green energy" favorite"
Source

So they would really be connecting in terms of environmental but i would say that this is just bullshit connection .

[UnDerDoG81]

Elon is a manipulator he has done more harm than good to the crypto space with his huge Twitter audience, after manipulating Bitcoin and make huge profit today he does not longer feel comfortable with the high energy consumption in bitcoin mining like wtf? Why ya manulaputing people to sell Btc and invest in dogecoin where you own about 60% of the coin.. Elon has ruined the crypto community.

He is a puppet of the elites. And with him they found the perfect clown to destroy crypto.

[BitcoinPanther]

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

A businessman is a businessman, he always wanted to get the job done no matter what the process is.  This time Elon possibly wanted to re-enter the Bitcoin Market so he have to do something that will crumble Bitcoin price growth and make it dip for him to buy at a discount.  I wonder what his next move to crash the price of Bitcoin.

[Lanatsa]

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

A businessman is a businessman, he always wanted to get the job done no matter what the process is.  This time Elon possibly wanted to re-enter the Bitcoin Market so he have to do something that will crumble Bitcoin price growth and make it dip for him to buy at a discount.  I wonder what his next move to crash the price of Bitcoin.

Yes business is business but he had dip down $20 Billion poorer.
https://www.forbes.com/sites/sergeiklebnikov/2021/05/13/elon-musk-is-20-billion-poorer-since-hosting-saturday-night-live/

Karma we can say?

[thecodebear]

Musk, after being a company founder, is first and foremost a market manipulator.

[Kong Hey Pakboy]

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

Now we want a agency to defend us, isn't decentralized platform meant that we should be independent and I think that it will defeat the purpose of decentralization since there is an external force that is intervening. If that was to ever happen, you all better have some bitcoin ready because that is a good opportunity to get a really good profit because he will be pumping it real hard.

[LogitechMouse]

One word. BULLSHIT.
A market manipulator, the new version of McAfee, an influencer that is hyping DOGE and crypto in general.
After his tweet, it affected him and his business. Tesla Stocks dropped and possible that his revenue for this month might get affected too.

Anyway, if you are in the crypto space for a long time we see this kind of news as opportunities to buy at a lower price. We see bad news as a good news because we can accumulate more coins at a discounted price and I hope that many bought at a lower price like me .

Now with regards to Musk manipulating the market, this will continue I think since he is a very powerful influencer and has a huge reach and very popular. For sure many people will follow what he will say or will buy the coin that he will tweet.

[adaseb]

I am pretty sure he was ordered by his board or by IRS to stop accepting BTC. Its one thing if you accept BTC for something small like $100 but for a $100,000 car its a different story. I think they evaulated how it might lead to money laundering and accounting issues with IRS they decided it would be too much of a headache and decided to not accept it.

Drug dealers could buy tesla's, and then sell those tesla's as a money laundering scheme or something similar. If Tesla sold other items such as cell phone or clothes which were cheaper then maybe they would still be accepted however with how expensive these cars are they probably would run into too many issues.

[pooya87]

You gotta admit that it is still interesting to see how the market reacts to obvious manipulation of someone with "influence". The more interesting thing is that you can also compare this reaction with the same reaction that the altcoin market is showing the same person. After all he didn't just manipulate bitcoin, he also did it to Dogecoin. And it is a two stage operation, first hype and pump then FUD and dump.

The situation has been like this so far:
When he was hyping bitcoin, the reaction bitcoin showed was small about 10% rise while the shitcoin got pumped over 1100%.
When he started FUDing bitcoin, the reaction was still small and price dropped only 17%
But unfortunately he hasn't yet started FUDing Doge which I hope he does soon because that would complete the experiment into the cryptocurrency market and its reaction to "influencers".

[traderethereum]

Even if the bitcoin price plunges to the lower price, it will back increase again.
Elon just makes a noise in the crypto market and sooner or later, people will realize that Elon is just want to make more money from crypto.
We do not know if he manipulates the price or not, but that will only be temporary because people will see the truth later.
But we realize that people like Elon can manipulate the crypto market, and we should be ready for that and do not get into his trap.

[Kittygalore]

Well, people panicked and thought that the tweet is going to be the anti-bitcoin equation that they were ever waiting for so they can finally sell their bitcoins but it turns out that they made it look bad more than it really is and here we are. I don't mind the dips since 12% isn't a lot if you look at it in the grand scale of things.

[ultrloa]

Well, people panicked and thought that the tweet is going to be the anti-bitcoin equation that they were ever waiting for so they can finally sell their bitcoins but it turns out that they made it look bad more than it really is and here we are. I don't mind the dips since 12% isn't a lot if you look at it in the grand scale of things.

People got afraid since many thought that tesla will dump their bitcoin and we see the effect on it the price drop after their announcement but gladly it recovers back when many whales support the rise of it again.

But unfortunately right now bitcoin is dumping badly and I wonder why and how far the dip we can see today hopefully this is not the start of bear market season.

[Wilhelm]

Launching a Tesla car into space must be very fossil fuel friendly too...

People like Elon are fighting for the most valued company in the world. They don't give a shit about anything...

[Kittygalore]

~

People got afraid since many thought that tesla will dump their bitcoin and we see the effect on it the price drop after their announcement but gladly it recovers back when many whales support the rise of it again.

But unfortunately right now bitcoin is dumping badly and I wonder why and how far the dip we can see today hopefully this is not the start of bear market season.

Exactly, and they are mad about it as if Elon failed their expectations and as if Elon knows they exist. The dip isn't a bad thing, I feel bad that I don't have any money right now because I really want to buy some bitcoin for long-term hodling.

[Oasisman]

I'm not gonna be surprised If Elon will go back hyping another shitcoin, because he cannot manipulate Bitcoin like he did with Dogecoin.
This man is nothing but a troll who wants to manipulate everything using his influence.
It's so clear that he wants to drag Bitcoin's price down purposely. But everyone who are old enough in crypto space knows that he can't easily control the market sentiments by spreading false sh*t about Bitcoin's existence.

[rahmatrf331]

https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.

I smell shenanigans.

Honestly this is so rigged, we need an global agency to go and fight against such actions. First Elon Musk buys a lot of Bitcoins when they are cheap, then he goes and promotes them on Twitter to get the price to rise. Once the price rises he is just selling his coins with a nice profit. After that he is just stop promoting BTCs and saying that Tesla won't accept BTC anymore. I wouldn't be surprised if he starts to buy coins again when the price is down to 30,000 or 20,000 USD.

I suspect that too, the 17% drop in bitcoin is very unfortunate due to the issue made by Elon Musk. actually it is a business strategy that is deliberately designed by influential people in the cryptocurrency world so that the price of bitcoin can be controlled by them.