Tesla stops car purchases with Bitcoin

[pinggoki]

Ohh, now I see why the sudden dump happens today and one of the major reasons for this was because of Tesla's announcement. See that Tesla will be no longer accept bitcoin as purchasing Tesla cars, just because of one announcement the market effect very hard in which we can clearly see the effect of it within the 24 hours in which the market including the bitcoin suddenly dump. This Elon and his company Tesla are really playing with the market right now.

[Febo]

I'm really disappointed with what Elon Musk did ...

Man. How do you think he got all this wealth?  OK yes he is was born rich. His dad have Gold and diamond mines, but he was not born top100 richest person. He gained his wealth by manipulation. All rich people will do that. It is totally same with Sailor. Or, like someone mention MacAfee before. Or ... just put names.  They FUD when they accumulate and shill when they are done buying and start dumping. Be very very when they shill and buy when they FUD.

[Silberman]

Bitcoin does not depend on Tesla or Elon, we should know that. Only what will happen will be just temporary just as Lorence.xD commented. Bitcoin does not depend on anyone.

Correct, this reminds me of the early days in which anything that China did or said as enough to make the market tumble and I think the same is happening with Elon, people worship him as if he is some kind of god and they take his word for granted, it is obvious this is is bad excuse to stop accepting payments for bitcoin, most likely the reason is that no one is buying his cars with bitcoin, as who is going to change an asset that appreciates over time over an asset that depreciates over time?

[DrBeer]

It looks strange from the outside. Buy for a huge amount, raise the rate, make an application for accepting bitcoin as a means of payment for your products. And then, essentially shoot yourself in the foot ?! The logic of the action is not very clear, if not to say - it is not at all clear ...

[Karartma1]

Long term speaking I don't f******* care about what Elon says, nonetheless I'm very much pissed off by the the words of a guy who is clearly allowing a huge market manipulation which will go without consequences. The guys should shut up and avoid saying one thing today and another the day after.
I repeat, no concerns long term, for what it's worth he can sell everything the market will buy given the supply shortage.

[arallmuus]

just because of one announcement the market effect very hard in which we can clearly see the effect of it within the 24 hours in which the market including the bitcoin suddenly dump.

Alot of people especially those that are new to crypto space, bought their first crypto because Tesla started to accept bitcoin and even invested in it by buying from the market. This is a huge deal for some people because they want to be part of Elon's crazy idea and make some fortune from it

He is the crazy guy behind Tesla and SpaceX so most people would want to be an early part of what he does therefore when the news broke out about Tesla no longer accepting bitcoin , those people started selling as well. Most of those people are used to stocks and golds therefore this news affected the whole market because most of them would think that bitcoin no longer has any value


I still think the reasoning to stop accepting it because of energy issue is pretty lame though. So whats next? He would probably announce that Tesla sold all/some of the bitcoins to 'prove' the liquidity again ?

Tesla cant make that much profit in this pandemic situation, the only way to generate some cold hard cash would be to sell more bitcoins

[cmg777]

Well if you feel hurt by a mere 14% decrease in BTC by presumably Elon then tell the SEC... Really swings downward on certain days can be more severe than this more 20-30% so in crypto be prepared to lose your shirt or hodl. I think what really drove it down was this Darkside selling their proceeds from Colonial:

https://www.washingtonexaminer.com/news/colonial-pipeline-paid-hackers-$5-million-ransom-after-attack

[acquafredda]

Elon farts and the world likes to smell.
He has an agenda and it is now very clear to me: now everyone is expecting his next green coin that he will be pumping.
I cannot stand him anymore, I do not like him and I think he is an arrogant prick.

[Fortify]

I think that it was just a suspension so technically they are still going to back at it anytime soon. That's pretty influential to have the prices drop because of their suspension though but I think that this is just a temporary price drop since Tesla didn't sold their bitcoins.

They've even stated that they can start using Bitcoin again in future when it is fueled by more environmentally friendly sources of energy. However it doesn't really work like that and it will be years, maybe even decades, before it becomes uneconomical to use fossil fuels over the renewable energy alternative. Even at that point there will be some countries who don't have the access to cheap renewables who will still use any available power if it can produce money for the country. Elon has a point, but he should have know about how wasteful bitcoin is a long time ago and he has been so manipulative when it comes to cryptocurrency that nobody should trust him now. I am sure he cut the cord for now because his market manipulation could be seen to affect the Tesla share price, crypto is outside SEC control but stocks are not - the line became very close.

[Imran232]

The pure market manipulator. And he thought people can't blame him if he says he is still holding bitcoin he just stop taking bitcoin for selling his companies car for some environment but he didn't sold his bitcoin. He thoght if he give this statement then people can't blame him. But how is it possible if you are trying to distroy lots of peoples life then how they can spare you. It is not possible because lots of people still in shock what you are doing in market in this covid pandemic situation where this bitcoin give them a hope and you distroy it. I already unfollowed elon Mask kn twitter. He was my inspiration but now he is a manipulator for me.

[geegaw]

Long term speaking I don't f******* care about what Elon says, nonetheless I'm very much pissed off by the the words of a guy who is clearly allowing a huge market manipulation which will go without consequences. The guys should shut up and avoid saying one thing today and another the day after.
I repeat, no concerns long term, for what it's worth he can sell everything the market will buy given the supply shortage.

Anger has also become in vain when perhaps he is excited, even sleeping well after expressing a bad attitude to the bitcoin community, I also don't want to care but such topics will be propagated more in the following days, a lot of condemnation will appear, sometimes some pressure on Tesla's stock when many users here are supporting them. In the long run, this effect and information will end as you say and bitcoin will return to its brand but it's quite regrettable that our steps and calculations stalled and took longer due to Tesla

[el kaka22]

I really do not see why people are selling because Tesla is not accepting bitcoin for buying cars. I mean for around 12 years bitcoin existed, first year was a bit more theory I will give you that but it has been around easily for 11 years, and only for like a small period, maybe less than 6 months of it we had a chance to buy tesla with bitcoin.

So that means bitcoins real purpose is not to help people buy cars, it was just bitcoin, it is a currency, doesn't matter if people accept bitcoin or not for big things like tesla, it is irrelevant, they will be forced to accept it one day anyway. But somehow we are still getting discouraged about these kinds of tweets (and hyped about good ones) and that doesn't make sense. Let it be, he pumped it with tesla buying bitcoin tweet, he dumped it with tesla not accepting it tweet, it was already people who only invest according to elon and we do not need those people.

[Hydrogen]

I didn't expect Elon Musk to sell out.

The same people who tried to kill tesla stock with short selling. The same people who relentlessly attack tesla and publishing thousands of fake news stories in the media. Are the same people that push "bitcoin is harmful to the environment" agendas. Elon Musk joined the side that tried to destroy & ruin his business for years. That I did not expect.

Elon Musk seems to have sold out around the time he began calling himself "technoking" and made an appearance on SNL.

I hope people recognize the political agendas and coordinated effort made to -control everything- behind Elon Musk's wild stance swing on bitcoin.

[Twentyonepaylots]

The reason why they decided to drop Tesla car purchases on bitcoin is quite noble and true to what Elon Musk believes in. However at the same time I feel like it's not going to help prevent the burning of fossil fuels for electricity anyway, so it's counter intuitive. I hope he has something in store that will help people trust Elon's words once again because I feel like he's a good guy in his core.

[AndySt]

The reason why they decided to drop Tesla car purchases on bitcoin is quite noble and true to what Elon Musk believes in. However at the same time I feel like it's not going to help prevent the burning of fossil fuels for electricity anyway, so it's counter intuitive. I hope he has something in store that will help people trust Elon's words once again because I feel like he's a good guy in his core.

Let's not be so naive, and let's keep in mind the fact that Elon Musk is primarily a businessman who has already attracted the close attention of the state regulator with his actions and words, and Tesla's shares also collapsed in price. Therefore, you should not think that there are only environmental motives behind stopping bitcoin payments for cars, but something much more prosaic. For example, there are concerns that the exchange rate price of bitcoin as well as Tesla shares is overheated and therefore it is necessary to untie them from each other a little. And that Musk doesn't want Tesla to suffer much later because of the bitcoin correction.

[Sithara007]

The reason why they decided to drop Tesla car purchases on bitcoin is quite noble and true to what Elon Musk believes in. However at the same time I feel like it's not going to help prevent the burning of fossil fuels for electricity anyway, so it's counter intuitive. I hope he has something in store that will help people trust Elon's words once again because I feel like he's a good guy in his core.

LOL.. so he didn't knew about the electricity consumption by Bitcoin mining pools when he first accepted Bitcoin? He has no issues in accepting fiat payments for his cars. He is selectively targeting Bitcoin, because he want to promote some shitcoin like Doge in it's place. I had a lot of respect for Elon Musk, but not anymore. His main intention is to destroy Bitcoin, by giving the flimsiest of the excuses. But he will soon find out that he will not be able to do so. Bitcoin has emerged like a phoenix from temporary setbacks in the past as well.

[Kong Hey Pakboy]

The reason why they decided to drop Tesla car purchases on bitcoin is quite noble and true to what Elon Musk believes in. However at the same time I feel like it's not going to help prevent the burning of fossil fuels for electricity anyway, so it's counter intuitive. I hope he has something in store that will help people trust Elon's words once again because I feel like he's a good guy in his core.

I do agree, I find the purpose noble but in the grand scale of things, it is just a miniscule thing, what everyone needs to focus on is that we continuously slow down on using fossil fuels and oil for energy and switch to renewable and nuclear energy. No person in this forum is going to believe Elon is a good person because right now, emotions are running high and they can't think rationally, as if suspending the bitcoin payment is the end for bitcoin market.

[acquafredda]

I see, now he wants to make Jokecoin such wow, energy friendly!
Twitter should ban him for a week, as he is getting too much addicted to it and with these idiotic tweets he is creating multi-billion dollar problems on the market which he is undeniably manipulating!
Twitter, ban him, let him crave for one week only.
Please.

[Obito]

I see, now he wants to make Jokecoin such wow, energy friendly!
Twitter should ban him for a week, as he is getting too much addicted to it and with these idiotic tweets he is creating multi-billion dollar problems on the market which he is undeniably manipulating!
Twitter, ban him, let him crave for one week only.
Please.

Why would Twitter ban him though? Because you are a special person that they need to pay heed with your request? To be fair with everyone, Elon didn't break any terms and conditions in the platform so what is the viable reason that he is going to be banned? Maybe he does wants to support DOGE coin, so what? We are free to do what we want.

[Palllke]

Musk has a lot of followers who wants to earn money. He made a big jump in price of doge coin and people have FOMO. And after news that Tesla wouldn't support bitcoin, they started to sell their coins.
    Also someone wanted to buy Tesla for 1 BTC. He or she bought BTC at $50000 and than they wanted to buy the car when the price will be more then 75,000 - $85 000.
    I think that bitcoin is like Apple shares now. Before new iPhone version the price rises, and after bad news it falls. This is normal market behavior.