Elon Musk's tweet brings Bitcoin's value down thousands of dollars
Elon Musk announced that Bitcoin would not be accepted to buy a Tesla. The effects of that announcement have brought down the value of Bitcoin considerably.
The value of major cryptocurrencies such as Ethereum and Bitcoin is highly fluctuating, almost becoming a bubble waiting to burst after reaching all-time highs. The price is very prone to being affected by small changes in the market, even something as unexpected as a tweet from Elon Musk that Tesla will not accept them to buy its electric cars.
Devaluation of $ 8 per unit for a tweet by Elon Musk
Although in reality it is not just a simple tweet of Musk making a joke. This is an advertisement that he placed on his personal account in which he stated that Tesla will not accept Bitcoin to buy an electric car. One of the electric car brands not accepting a cryptocurrency has immediately affected its value on the exchange.
Within a few minutes of that tweet, the value of Bitcoin started to drop from about $ 58 to now worth just over $ 000. It was expected that some drop would happen, but this turns out to closely follow the announcement of Musk and Tesla. The rest of cryptocurrencies have also been affected. For example, Ethereum has gone from being worth $ 50 to now worth about $ 000.
Between declining to sell Tesla cars for Bitcoin and trying to fund a space mission with Dogecoin, it's not hard to think that Musk wants to harness his relevance in the tech world to artificially influence the cryptocurrency market. Everything to improve the value of your portfolios. Likewise, it shows the extreme volatility that cryptocurrencies can have, since a couple of statements that their commercial use is limited or that they are going to regulate them and collect taxes in the United States they can cause all of them to constantly lose value.
