Tesla CEO Elon Musk revealed on Twitter a few days ago that his company will no longer accept bitcoin payments for electric cars. The announcement came just as suddenly as the revelation earlier this year that Tesla had purchased bitcoin and planned to support bitcoin payments. And just like Musk’s previous takes on cryptocurrencies, it had a massive effect on the market. But this time around, Musk’s tweets were not beneficial for bitcoin, instead tanking the price to around $45,000 as of the time of this writing.
Musk’s sudden realization that bitcoin might not be eco-friendly to mine caused immediate panic, and the price dropped from around $54,000 to $46,000. Bitcoin rebounded soon after that to top $52,000. But then Musk continued tweeting over the weekend. He made several remarks against bitcoin and in favor of dogecoin, thus tanking bitcoin's price even further. The coin dropped to a low of around $42,000, a level unseen since mid-February.
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Elon Musk just tanked bitcoin… again originally appeared on BGR.com on Mon, 17 May 2021 at 12:06:24 EDT. Please see our terms for use of feeds.
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