Bitcoin was trading at around $57k the other day, and then suddenly, the king coin saw a drop in price of about 10% in the past 24 hours following Elon Musk’s tweet.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Anthony Pompliano hopped in the comments section and told Elon: “Elon … you realize that 75% of miners use renewable energy, right? This energy story has been debunked over and over again.”
Here’s another funny tweet from Pomp:
Can't wait for Tesla to stop accepting US dollars because it has such a negative impact on the environment!
— Pomp 🌪 (@APompliano) May 12, 2021
MicroStrategy’s Michael Saylor said: “Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.”
Lots of people showed their disappointment in Musk’s post and made sure to make their point in the thread.
A follower posted this: “Why would you tweet this!!! bitcoin has now gone down, and i have lost $14,000! I put my life savings into it thinking it would make me rich… crypto is a scam, im never buying bitcoin or anything again. THANKS, ELON!”
Weak and strong hands’ reactions
As expected, Musk’s tweet has weak hands selling their BTC, but strong hands are still holding, and investors know that this is the best time to buy another dip.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $50,992.69.
Bitcoin adoption, on the other hand, is exploding these days.
CNBC learned that Bitcoin could be taking another massive step towards the mainstream adoption in 2021.
It’s been revealed that the customers of some US banks will be able to buy, hold and sell BTC via their already existing accounts, says crypto custody firm NYDIG.
The company is a subsidiary of $10 billion New York-based asset manager Stone Ridge, and it has partnered with fintech giant Fidelity National Information Services (FIS) to enable U.S. banks to offer BTC in the coming months, according to the two firms.