As we reported earlier today, 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
Crypto Twitter went ballistic following this tweet.
PlanB posted the following tweet:
So Elon never really understood #bitcoin, never understood proof-of-work. His Doge pump was a warning sign. His turning to other "crypto" is confirmation. No more Tesla for me. https://t.co/wPzE3eEF68
— PlanB (@100trillionUSD) May 12, 2021
Tone Vays also had something to say about Musk’s tweet:
— Tone Vays (#EndLockdowns) (@ToneVays) May 12, 2021
Mike Novogratz has a different take on Musk’s tweet
Mike Novogratz, on the other hand, has a different perspective of Musk’s tweet. Check it out below.
My take on @elonmusk is to take him at his word. He cares about the environment and he is using his considerable influence to push BTC mining towards a greener future. Lots of companies in the space have already been working on this. Stay tuned. And buy $BTC.
— Mike Novogratz (@novogratz) May 13, 2021
A follower said: “I was thinking something similar. The promise of Bitcoin is in some ways accelerated by these nudges imo. And yes, buy BTC!”
Someone responded with: “Since barely two weeks ago Tesla reported that they made 25% of their earnings off of Bitcoin speculation, my take is this looks like some pretty standard pump n’ dump market manipulation.”
On the other hand, Bitcoin adoption is going great 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.