Elon Musk breaks up with bitcoin? Cryptic tweet has some crypto bulls fearing the worst

Crypto bull Elon Musk issued on Thursday evening a cryptic tweet that many in the digital asset world interpreted the billionaire’s breakup from bitcoin.

About an hour later, he followed up with this tweet:

A number of Musk’s recent tweets have sparked a mixture of exuberance, confusion, concern, and sometimes fear in the crypto community.

His social media messaging has had a huge impact on Dogecoin and Bitcoin prices, and he’s been blamed, at least in part, for the ongoing slump in Bitcoin and the broader crypto complex. An article in the Wall Street Journal last month described it as Bitcoin’s biggest influencer.

Lastly, check Bitcoin prices on Thursday evening
BTCUSD,
-1.98%

fell 2.3% and, according to CoinDesk data, changed hands and slipped after the Tesla Inc.
TSLA,
-5.33%

The CEO’s final tweet.

The price of Dogecoin
DOGEUSD,
-2.04%
,
for whom Musk was one of the greatest champions, down 5.5% and changing hands at 38 cents.

Last month, Musk tweeted that Tesla would no longer accept Bitcoin as a means of payment for its vehicles, citing the huge carbon footprint of digital mining for Bitcoin. The tweet is still reverberating in crypto circles, sparking a debate about the sustainability of Bitcoin mining.

Also read: Elon Musk’s partner Grimes says: “AI is the fastest route to communism”

Although Bitcoin prices have held steady lately, they are still down 42% from their mid-April high of $ 64,829.14. Dogecoin, the meme asset created in 2013, is still 48% away from its high of 74.07 cents in early May.

Back in February, Tesla announced that it had acquired some $ 1.5 billion in Bitcoin in a filing with the Securities and Exchange Commission.

MarketWatch’s sister publication According to Barron’s estimates, Tesla paid about $ 38,000 per bitcoin, based on the average price of the asset between Tesla’s fourth quarter conference call on Jan. 27 that did not mention Bitcoin holdings and the filing date.

Musk has previously caused confusion over his position on Bitcoin. Back in mid-May, he gave a one-word response, “Indeed,” to someone on Twitter by the handle @cryptoWhale who said that “Bitcoiners will slap themselves next quarter if they find out Tesla dumped the rest of them Has”. #Bitcoin Holdings “The message went on to say that the Tesla CEO would be right to give up his stake given the amount of criticism he’s received from the community.

However, Musk later tried to clarify through Twitter that he had not yet sold a Tesla Bitcoin cache.

This time it’s not clear what Musk is trying to convey, but some feared the worst. Billy Markus, who co-founded Dogecoin and is a well-known crypto cop, tweeted: “Elon … I trust you.”

An email was immediately sent back to Tesla.

Of course, Bitcoin is still solidly up 33% in 2021, and Dogecoin is up over 7,800% year-to-date. In comparison, traditional assets have seen more mundane gains. Gold futures
GC00,
-0.06%

have fallen by 1.6% in the year to date; the Dow Jones Industrial Average
DJIA,
-0.07%

is up almost 13%, the S&P 500 index
SPX,
-0.36%

has gained around 12% and the Nasdaq Composite Index
COMP,
-1.03%

has increased by 5.6% over the year to date.

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