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Friday, October 22, 2021

The Great Bitcoin Dump; A Week That Was All About Elon Musk

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Seems like BTC advocates are not a fan of Elon Musk anymore.

The Tesla Founder is not having the best time on Twitter at the moment. He is being taken down by Bitcoin advocates all over the world. His crime? He might have just suggested dumping his Bitcoin holdings. 

First, it was Tesla suspending BTC as a mode of payment on the grounds of environmental concerns that triggered a massive fall in the price of the crypto asset. But this time, it’s this response to a hypothetical question that was enough to send Bitcoin down the bear hole again.

When a user named ‘Crypto Whale’ tweeted a scenario that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their BTC holdings,” Musk’s response was a plain “Indeed.” 

So is it over between Tesla and Bitcoin? 

The tech giant did not clarify which part of the question he affirmed to and that is what puzzled the community leading to yet another huge sell-off episode. 

Bitcoin posted double-digit losses over the past 24-hours as it spiraled all the way down to $43K, a level that was last seen three months back. In addition, the broader crypto market also flashed red with the collective market cap falling to $2.01 trillion. 

BTC 1

Musk seems to have been losing face in the crypto community. But that did not stop him from going around challenging some of the biggest BTC bulls in the space. Be it Peter McCormack or MicroStrategy’s Michael Saylor, the Tesla chief has taken a not-so-sly jibe after extending his rants from the long-brewing environmental impact to yet another debate of PoW and network centralization.

At a time like this, one would definitely not want to hear Peter Schiff’s take on the entire episode. Nevertheless, the gold bug went on to question the influence of Elon Musk’s tweet on BTC’s price and even called buying Bitcoin a “gamble” rather than investment. However, he was quickly burned by none other than Bitcoin bull developer Udi Wertheimer, whose tweet read,

“BTC down 30% and still outperformed gold on YTD? must be painful fam”

Never a dull day in crypto, eh!

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