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

[SquallLeonhart]

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.

I still do not get why that drop happened. I mean the only "bad" thing that has recently happened is the fact that Tesla doesn't accept bitcoin, that is not too bad is it? I mean how many people did actually went with that? Surely some did but I doubt it was a huge number, and they even said that they are still supporting crypto, they are just not accepting bitcoin which is another way of saying "we can't legally keep accepting bitcoin" and nothing more, if they didn't like bitcoin they would have sold their purchased ones as well.

Long story short this dropped never made sense, but I am quite happy about it, this allows us the long term holders to keep buying more and then we can sell when our portfolio reaches a level where we feel like we do not need any more money, that is a quite good investment situation to be in, buy low and sell high.

[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.

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 .

That's the obvious pitch of course. Green car company, surely Elon is ditching Bitcoin because he cares so much for the environment? He worked for the US government under the Trump admin. as an advisor, and then left when the US did not join the Paris Climate Accord -- It's all about the environment for Elon except when it comes to modern financial institutions which cause havoc on the environment.

I want to know who is dumb enough to buy into this argument. As if he didn't know the energy demand of Bitcoin prior to him doing a pump and dump?

[hatshepsut93]

Elon Musk isn't the only reason for this dip, Bitcoin was acting weak ever since it fell from the ATH and experienced a lot of resistance at $59,000. It would have likely crashed without Tesla's decision, maybe not so dramatically, but still.

This bull run is already not like the last one, the price has been stuck in this $50,000 range for 3 months now, while in 2017 the price was doubling every few months.

[AmoreJaz]

I still do not get why that drop happened. I mean the only "bad" thing that has recently happened is the fact that Tesla doesn't accept bitcoin, that is not too bad is it? I mean how many people did actually went with that? Surely some did but I doubt it was a huge number, and they even said that they are still supporting crypto, they are just not accepting bitcoin which is another way of saying "we can't legally keep accepting bitcoin" and nothing more, if they didn't like bitcoin they would have sold their purchased ones as well.

Long story short this dropped never made sense, but I am quite happy about it, this allows us the long term holders to keep buying more and then we can sell when our portfolio reaches a level where we feel like we do not need any more money, that is a quite good investment situation to be in, buy low and sell high.

some people panic even with this simple tweet. most of them are newbies that bought bitcoin at a high price. but for those who are here long enough to see the market movement, this will be a good opportunity to buy more and be ready for the next price rally.
but this level - $48 to 50k is still very good price for btc. if you look back, we never had this price in previous years, only this year. so we can't say that we are already in bear season if we compare the market today from previous years. the support above 40k is still strong. Elon will not destroy the btc market with those tweets. anyway, they are still keeping btc, it is not that they are selling their btc stash.

[Oilacris]

I still do not get why that drop happened. I mean the only "bad" thing that has recently happened is the fact that Tesla doesn't accept bitcoin, that is not too bad is it? I mean how many people did actually went with that? Surely some did but I doubt it was a huge number, and they even said that they are still supporting crypto, they are just not accepting bitcoin which is another way of saying "we can't legally keep accepting bitcoin" and nothing more, if they didn't like bitcoin they would have sold their purchased ones as well.

Long story short this dropped never made sense, but I am quite happy about it, this allows us the long term holders to keep buying more and then we can sell when our portfolio reaches a level where we feel like we do not need any more money, that is a quite good investment situation to be in, buy low and sell high.

some people panic even with this simple tweet. most of them are newbies that bought bitcoin at a high price. but for those who are here long enough to see the market movement, this will be a good opportunity to buy more and be ready for the next price rally.
but this level - $48 to 50k is still very good price for btc. if you look back, we never had this price in previous years, only this year. so we can't say that we are already in bear season if we compare the market today from previous years. the support above 40k is still strong. Elon will not destroy the btc market with those tweets. anyway, they are still keeping btc, it is not that they are selling their btc stash.

In fact, the current price of Bitcoin at $ 48k is still high, we shouldn't panic to see Bitcoin price drop as it is now. And don't focus too much on
Elon Musk tweets, because I believe Elon Musk wants to buy Bitcoin at a cheap price, so he made negative tweets. I agree with you the decline
in the price of Bitcoin now, it should be an opportunity to buy more Bitcoin, because I still believe the Bitcoin price will go up again in a few days.

Not only you who do believe but majority of people here on the community does really believe into its potential.It might correct its price due to some factors but it would eventually
recover later on.

I do also have the thoughts that these kind of fundamentals are just happening just to try to suppress the price down for those big players do able to enter on cheaper price.

Its true that it would be much better if people arent really that mindful or been thinking too much nor getting affecting theirselves when it comes to tweets and other sentiments.

[magneto]

This guy is literally toying with markets right now.

I wonder when this whole show will die down and the SEC gets on his back, because this is smelling more and more like blatant market manipulation by the day. It's funny how they want to prosecute redditors for the Gamestop saga but haven't yet said anything about Musk.

Either way, Musk is a replaceable figure in the cryptospace. He's not the ring leader as people claim - bitcoin is decentralised for a reason and no single person's opinion should be able to change the market substantially enough to make a difference.

[Saisher]

With or without Elon Musk, Bitcoin and Cryptocurrency will still be ok, there's a disruption of the market because of Musk's shilling of Doge, now he is creating FUDS,  because of this it creates a dip on the price of Bitcoin because of unbelievers who is easily manipulated by people like Musk 

[Ararbermas]

With or without Elon Musk, Bitcoin and Cryptocurrency will still be ok, there's a disruption of the market because of Musk's shilling of Doge, now he is creating FUDS,  because of this it creates a dip on the price of Bitcoin because of unbelievers who is easily manipulated by people like Musk 

that's true even the time they're not existing bitcoin can succeed so this is just a tv commercial situation. Lol .. And i know this just another ways of elon's musk to manipulate bitcoin wherein making some issues around the internet but for sure after all of this we will see a big improvement in bitcoin again because of them also. A brilliant strategy from elon musk. 

[acener]

I don't think that it is just because of it,
I think there is more than the news that makes Bitcoin drop down.
For me it is normal for the price to drop down and it might just be coincident that they announce it or it might be the trigger for some investor to sell their crypto.
And it isn't just the Bitcoin that drop down there are also some crypto that experience the same thing.

[bbc.reporter]

It might also be good to speculate on which cryptocoin Elon might start promoting soon. Is Elon Musk a friend of Bittorrent creator Bram Cohen? Bram Cohen created what is called the green bitcoin in China.



Chia is an attempt to improve on Proof of Work-based blockchains with a new consensus algorithm we call Proof of Space and Time. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes of disk space that already exist in the world today.

https://www.chia.net/assets/Chia-Business-Whitepaper-2021-02-09-v1.0.pdf

[sana54210]

With or without Elon Musk, Bitcoin and Cryptocurrency will still be ok, there's a disruption of the market because of Musk's shilling of Doge, now he is creating FUDS,  because of this it creates a dip on the price of Bitcoin because of unbelievers who is easily manipulated by people like Musk  

Yeah, in the past we have seen many other business also had stopped accepting bitcoins (one of them was Microsoft) still bitcoin managed to test $64k; similarly this Tesla and Elon stunts will get fade away in matter of one or two weeks time. We are going to breach $100k levels at any time soon hence buying at current levels must be a another great opportunity, thanks to Tesla&co.

Bram Cohen created what is called the green bitcoin in China.

Had seen many other algorithms as well which were termed efficient in terms of energy consuming or using renewable resources still not seeing any of them grew and coming up to compete against bitcoins.

[stadus]

And the damage of that announcement continues.

Bitcoin now is trading at $44k and it could go down, this betrayal of Elon will lead to bitcoin's bear market, I don't know if we can still survive this but I have a feeling that the bull run will be over soon. We can see the effect of bitcoin's fall to the market, every coin now are in red (https://coinmarketcap.com/).

Some have double-digit decline and it's a pain in the eyes.

[Dhomochevsky]

It looks like "yes but actually...".

So, blatant manipulation it is then.

[justdimin]

-snip-

Will this have a big crypto economic impact? Do you have an opinion?

It was inevitable.

Interestingly I think that this is just a fake, I believe he didn't sell any and I believe he is not going to sell any neither. https://twitter.com/elonmusk/status/1392602041025843203 . Look at this tweet and read the bottom paragraph, he says that "tesla will not be selling any bitcoins..." and says other stuff afterwards but that is the important part, he says that tesla is not selling any bitcoins and that is the important sentence we should care about. Sure he wrote "indeed" under a tweet that says tesla did sell, but that could be just trolling, I believe they did not sell at all. Which would change so much, when the quarterly report comes out there is a chance that they may keep all their coins and that could increase the price a ton.

I am hoping that's true, after all he is the one that tweeted tesla will not be selling any coins and that would be great if he keeps his word.

[Mahanton]

I'm so old I remember a world where people's preoccupations were not centered around Elon Musk 

Nah, you would really be seeing these kind of changes or situations since we cant really hold off into those people whom do really tend to make out engagement with this market
and when known or popular people do try to make out some scene then it cant be avoided that everything that it would do will really make out some relevance
and this is where the community been relying already towards price actions basing off with those fundamentals.We do love to correlate things from time to time
even though it isnt already that something relevant to do so.

[monineklutak]

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.

a strange statement indeed. because when compared to the system from banks and gold,
of course Bitcoin is the cheapest and most efficient, this is a fact and cannot be denied, for whatever reason Elon made FUD like this and dumped prices,
then made a statement about Tesla not selling Bitcoin? haha very funny game he does

[BuNga_cute]

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.

a strange statement indeed. because when compared to the system from banks and gold,
of course Bitcoin is the cheapest and most efficient, this is a fact and cannot be denied, for whatever reason Elon made FUD like this and dumped prices,
then made a statement about Tesla not selling Bitcoin? haha very funny game he does

These are just scenarios that Elon Musk created in order to manipulate the Bitcoin market, I hope the crypto community will soon be aware of
the game Elon Musk is doing to get personal benefits. Therefore we should immediately move on from Elon Musk, because don't let us become
weak hand who are affected by what Elon Musk said. It is very visible from all the statements made by Elon Musk on twitter to make the price of
Bitcoin fall. In the end, it will also reveal that all this Elon Musk is doing is just for his own benefit.